Milei Calls Ex-Central Bank Chiefs 'Economic Illiterates' Over Charter Reform

Argentine President Javier Milei has sharply criticized two former heads of the Central Bank, Mercedes Marcó del Pont and Miguel Pesce, after they publicly questioned the government's plan to modify the monetary authority's organic charter. Milei took to social media platform X to defend the proposed reforms, which aim to preserve the currency's value and eliminate the obligation to finance the National Treasury.

In his post, Milei referred to the former officials as "economic illiterates." He stated, "If these two economic illiterates complain, it's a good sign, because given the disaster they caused, doing the opposite is a good intuition." The president argued that their criticism indicates the government is on the right track.

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If these two economic illiterates complain, it's a good sign, because given the disaster they caused, doing the opposite is a good intuition.

Milei invoked the theorem of Nobel laureate economist Jan Tinbergen, which posits that achieving an economic policy objective requires at least one independent policy instrument. He contended that the 2012 reform under the previous administration was a "declaration of ignorance" for assigning five different objectives to a single instrument. According to Milei, this led to the "continuous acceleration of the inflation rate, something that has been broken since 2024."

The president concluded by asserting that dismantling the changes made to the Central Bank's Organic Charter in 2012 is a significant step toward ending inflation in Argentina. The government views the proposed modifications as crucial for stabilizing the economy and re-establishing sound monetary policy.

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the continuous acceleration of the inflation rate, something that has been broken since 2024.