By Rosario Marina
By the Decree 586/2024On July 5, Federico Sturzenegger was appointed Minister of Deregulation and State Transformation.
Earlier than having an official appointment, Sturzenegger was already a key determine as an advisor firstly of Milei’s authorities: he was one of many mentors of the Ley Bases and the Decree of Necessity and Urgency 70/2023as Francos defined: “He already made proposals through the preliminary interval of the federal government within the preparation of the draft legal guidelines.”
Sturzenegger holds a level in Economics from the Nationwide College of La Plata (UNLP), the place he graduated in 1987. In 1991 he acquired his PhD in Economics from the Massachusetts Institute of Expertise (MIT), as he explains within the CV printed on its official web site.
He was born on February 11, 1966 in Rufino, province of Santa Fe. He was Secretary of Financial Coverage (2001), President of Banco Ciudad (2008-2013), Nationwide Deputy of PRO (2013-2015) and President of the Central Financial institution (2015-2018).
The place did you’re employed and what’s your training?
When he returned from his PhD at MIT, Sturzenegger went to work as chief economist at YPF, from 1995 to 1998. “On the finish of 1994, the president and CEO of YPF, José Estenssoro, provided him to return to Argentina to accompany him within the transformation he was making within the firm. The dream was to create an incredible Argentine worldwide oil firm. He needed to exit into the world and Estenssoro wanted his assist in that problem,” he wrote in his biography.
Earlier than the announcement, in accordance with his CV, he labored as a instructor on the College of San Andres (UDESA) and Honorary Professor Case on the École des Hautes Etudes Commerciales (HEC, Paris). As well as, he was instructor Visiting Public Coverage Fellow on the Kennedy College of Authorities at Harvard College, United States (2005-2008).
Beforehand, he served as an Assistant Professor of Economics on the College of California, Los Angeles (1991-1994), and taught and was dean from the Enterprise College of the Torcuato Di Tella College (1998-2001 and 2002-2005).
What function did you play through the governments of Fernando De la Rúa and Mauricio Macri?
He served as Secretary of Financial Coverage in 2001, throughout the federal government of Fernando de la Rúa (Alianza). I give up On November 29 of that 12 months, 2 days earlier than the announcement of the so-called “Corralito” by the then Minister of Financial system Domingo Cavallo, and some weeks earlier than the resignation of the President of the Nation.
His return to public workplace occurred in 2008, when he was appointed president of the Financial institution of the Metropolis of Buenos Aires throughout Mauricio Macri’s administration as head of the Buenos Aires authorities.
5 years later he was elected nationwide deputy by the Metropolis by the PRO. In accordance with his biographyIn these two years, he introduced initiatives associated to training, the struggle in opposition to corruption, the Common Little one Allowance, civic coexistence and entry into public service.
Between December 2015 and June 2018, through the first a part of Mauricio Macri’s presidency, he was president of the Central Financial institution of the Argentine Republic. In June 2018 he resigned from his place, context It was a brand new foreign money run.
Prosecuted and acquitted within the judicial case for the “Megaswap”
In 2013, Stuzenegger was indicted for the crime of negotiations incompatible with the general public operate for the “Mega-swap” of debt in 2001. Along with Domingo Cavallo, he signed the Decree 648/01 which enabled the operation of the “Megacanje”, which consisted of a bond trade to delay the cost phrases of the debt in trade for a major enhance in curiosity.
A prison case was opened for this operation to analyze the alleged manipulation that officers of the Ministry of Financial system, with Cavallo as head, had made when choosing the banks that intervened within the trade and for which they acquired US$ 150 million. The banks had been: Galicia, Santander Central Hispano, Francés, Citigroup, HSBC, JP Morgan and Credit score Suisse First Boston.
In 2016, 15 years after the “Mega-exchange”, Sturzenegger was dismissed by federal decide Sebastián Ramos. The ruling was confirmed by the Federal Court docket of Buenos Aires.
Books written by Sturzenegger: “I don’t wish to depart” and “The financial system of the Argentines”
The economist was a part of the writing of 10 booksof which 2 had been his personal: “I do not wish to depart: Keys and causes to wager on Argentina” y “The Argentine financial system: guidelines of the sport for a affluent and truthful society”.
Within the preface of the e-book “I don’t wish to depart”, printed in 2013, he wrote: “I’m an incorrigible optimist. That is the one technique to clarify why I’m a fan of Gimnasia y Esgrima de La Plata.” He then added an anecdote concerning the 1995 Clausura Event, by which the La Plata workforce was near being champion, however failed to take action.
Slightly over 10 years later, he says, he dreamed that he would die with out seeing Gimnasia change into a champion: “However I understood that I had dreamed about our nation and I understood that I used to be growing the concept that my want to see Argentina as a complicated, equitable and thriving nation may not be attainable in my complete life.”
Two and a half months after Milei took workplace, in February 2024, he went to the court docket of his workforce, Gimnasia y Esgrima de La Plata, the place he was hissed and insulted by followers.
“Macri’s macroeconomics”: a paper by Sturzenegger
In 2019, after his time on the Central Financial institution, he wrote a paper entitled “Macri’s macroeconomics: The winding street to stability and development.” There, he analyzed the totally different macroeconomic stabilization packages that had been carried out between 2015 and 2019, and defined, from his perspective, why they failed.
“Briefly, the Macri administration carried out a lax fiscal program financed by short-term exterior debt, along with a versatile trade price IT program. Though inflation targets had been set to be in keeping with fiscal wants, fiscal consolidation was delayed, and disinflation compromised improved fiscal outcomes, as delayed indexation of about half of spending implied a rise in actual spending,” he defined in a piece referred to as “Classes Discovered.”
On October 31, 2019, in a opinion be aware The article printed in Infobae entitled “Macri’s financial failure is stunning” was much more forceful: “The financial failure is stunning as a result of Macri confronted not solely a comparatively benign worldwide situation (with out important adjustments in his phrases of commerce, for instance), but additionally as a result of he acquired unprecedented assist from numerous constituencies.”
Awards: Younger International Chief, Konex, Honoris Causa in Paris
In 2005, Sturzenegger was elected Younger International Chief by the World Financial Discussion board (Davos) and in 2006 acquired the Konex award for his contribution to financial concept.
Then, in 2014 he acquired the ANCE Award (Nationwide Academy of Financial Sciences), along with two different docs in Economics (Eduardo Levy Yeyati and Pablo Glüzmann), for a piece entitled “The worry of appreciation”, printed within the Journal of Improvement Economics. Two years later, in 2016, acquired Honorary Professorship by the HEC, Paris. In 2017 he was elected a Full Member of the Nationwide Academy of Sciences of Buenos Aires.
