Two appointments that come as wonderful news
Juan Pablo Zárate steps down from the board of the Central Bank and returns to his old post as Deputy Finance Minister. Undoubtedly one of the most influential members of the board during his 10-year tenure, Mr. Zárate becomes Minister Carrasquilla’s wingman in the midst of a closely-monitored and not exactly debate-free fiscal adjustment process. He will also play a key role in the ongoing pension reform debate.Mr. Zárate’s presence In the government’s economic team adds experience and analytical capabilities that will be much required in the months to come. With this move, he also becomes the obvious next-in line to eventually succeed Mr. Carrasquilla. An excellent choice by President Duque. Mr. Zárate’s replacement will be Roberto Steiner, another great appointment. Recognized as one of the best economists in town, Mr. Steiner has had a prominent career in the technical staff of the Central Bank and as head of Fedesarrollo and CEDE, the research center of the economics department at Universidad de los Andes. In our opinion, the board of Banco de la República is joined not only by a skilled economist but also by a hawk.These two appointments should come as wonderful news to everyone following Colombia.