New Central Bank restrictions won’t halt economic crisis
The economic troubles of Alberto Fernández’s presidency are quickly becoming synonymous with those of the country’s Central Bank. Emergency measures to halt the slide of the peso are leading to other mounting problems, requiring ever-growing draconian restrictions that only manage to plug holes for a few weeks.
Central Bank chief Miguel Pesce is at the heart of the storm, and his seat has lately become the hot one. A veteran who rose through the ranks of the monetary authority during the Kirchnerite years, Pesce has been under fire even from people within the ruling coalition after promoting new regulations that combined unpopularity with only small effects in terms of slowing down the pace of the crisis.