Finance Minister Fernando Haddad is expected to step down from the cabinet as early as next week. While he wants to manage President Luiz Inácio Lula da Silva’s re-election campaign, his boss would rather Haddad run for governor in São Paulo — a race he has virtually no chance of winning, but which would be useful for Lula’s own grassroots efforts in Brazil’s most populous state.
Most people expect Haddad to acquiesce to Lula’s wishes, but he appears set on establishing some conditions. One of them is the nomination of Guilherme Mello, the Finance Ministry’s economic policy secretary, to fill one of the vacancies on the Central Bank board of directors.
Haddad’s allies leaked his push to appoint Mello and swiftly confirmed the reports, underscoring how much the finance minister values the choice. The move can be read as compensation for President Lula's January decision to appoint a securities regulator chief backed by congressional leaders rather than any of the candidates championed by Haddad.
You’re missing out on the full story
Get smarter on Brazil and Latin America
Enjoy 14-day free trial now!The full picture. The sharpest takes. All in your inbox, every day:
- 🏆 Award-winning journalism, trusted worldwide
- 📊 Exclusive charts and analyses
- 🗃️ Archive access
- 💬 Commenting
