During the opening of the meeting between finance ministers and central bank presidents of the G20 in São Paulo, the President of the Central Bank, Roberto Campos Neto, stated that the work of controlling inflation is not yet done. According to him, there is still a “last mile” missing, and risks lie ahead.

Campos Neto assessed that “when we look at global sovereign debt, we have reached very high levels after the pandemic.” He believes that “the cost of servicing debt will be high, and therefore, we will have less liquidity for emerging markets and low-income countries.”

He also mentioned that developing countries need to “bear the costs of the green transition and geopolitical reorganizations.”

Regarding the meeting’s theme, Campos Neto emphasized that “sound macroeconomic policies support an environment where long-term growth can be sustained, and social disparities can be reduced.”

According to the Brazilian authority, “central banks have ensured that they will remain strongly committed to achieving price stability in line with their respective mandates.”

Campos Neto highlighted “many pieces of evidence that inflation has a negative impact on poverty levels, disproportionately harming the most vulnerable, deepening existing social disparities and inequalities.”