A farewell to Ilan Goldfajn

ilan goldfajn brazil central bank
Ilan Goldfajn

When Ilan Goldfajn says goodbye to the president’s chair of Brazil’s Central Bank in the coming days, he will leave his successor, Roberto Campos Neto, a far better inheritance than the one he received. Under his leadership, the bank was able to control inflation and implement the lowest-ever benchmark tax rates, helping the country recover from its worst recession on record. Furthermore, he managed to rescue the credibility of the Bacen (Central Bank), which economists are considering the most important legacy of all.

Looking back, in June 2016, it all seemed very unlikely. Brazil was...

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