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BM&FBOVESPA hosted, on Monday, May 17, a meeting between the former presidents of Brazil, Fernando Henrique Cardoso (1994-2002); Spain, Felipe González (1982-1996), Uruguay, Julio María Sanguinetti (1985-1990 and 1995-2000); and Chile, Ricardo Lagos (2000-2006). The event’s objective was to discuss the political and economic post-crisis world scenario.
“These former presidents were responsible for significant changes in their regions, especially in Latin America. Among these changes, I would highlight the consolidation of democracy, economic growth, and global visibility,” said BM&FBOVESPA’s CEO, Edemir Pinto, during the luncheon held at the Exchange.
In his speech to the leaders, businessmen, and representatives of the financial market present at the event, Fernando Henrique Cardoso said that Brazil has established itself as a major hub of global investments. “We cannot think of Brazil without thinking of Latin America and we cannot think about Latin America without taking into consideration its important role in the world,” he said. According to Cardoso, Brazil’s solid and robust stock exchange has played a key role in boosting the growth of the country’s economy. “Today everyone recognizes the importance of the stock exchange and, since it’s located in São Paulo, it’s only natural that the city has become a financial hub for foreign investments,” added the former president. Cardoso congratulated BM&FBOVESPA for its support in the creation of BRAiN (Brazil Investments &. Business), whose mission is to transform Brazil into the main business and investment center in Latin America.
During his speech, Cardoso stressed the regulatory framework of the Brazilian financial system and, in particular, the model adopted by BM&FBOVESPA. “This Exchange was able to put into practice regulatory measures that other exchanges have not. For example, it has an automatic circuit-breaker and the fluctuation of stock prices has limits. World markets need regulatory measures like this. We are suffering today the consequences of a poorly regulated market environment,” stated Cardoso. The former president of Spain, Felipe Gonzalez, also agreed with Cardoso and called for greater regulation of the international financial system to prevent the recurrence of crises such as the one that occurred in 2008.
The former president of Brazil and BM&FBOVESPA’s CEO invited everyone to visit the newly opened exhibit “A Real Plan”, at the Fernando Henrique Cardoso Institute (iFHC) in São Paulo. The exhibit shows all the stages of inflation control and currency stabilization in Brazil, from the beginning of the redemocratization process in Brazil until the implementation of the Real Plan. Cardoso highlighted the importance of implementation of the Plan Real. "It represented not only an instrument of monetary stabilization, but also a change of mentality in order to begin building a new and more confident Brazil, a country ready to embrace the future," he concluded.
