MercoPress. South Atlantic News Agency

New Central Bank Councillor

Chilean president Ricardo Lagos proposed a renowned independent economist with international experience, Vittorio Corbo, as Central Bank Councillor, the first step to nominate the next president of the institution following Mr. Carlos Massad resignation that becomes effective May 1.

However reactions to Mr. Corbo's nomination that still has to be approved by the Senate were not unanimous, the Conservative opposition promised support but some government Senators expressed their dissatisfaction arguing that it was the Christian Democrats, junior partner of the coalition, turn to name the candidate. "I wanted the best, and I named the best. A sound monetary policy is good for Chile and all of us", remarked President Lagos in several public appearances.

Wall Street analysts coincided that Mr. Corbo represents the continuity of the current monetary policy and if he's finally named president of the Central Bank, Chilean financial markets will further open.

Conservative opposition Senator Eduardo Espina said that "for the first time President Lagos privileged professionalism over political cronyism, and we must support him".

Mr. Corbo will be addressing the Senate Finance Committee next Monday and April 15 his name will be considered by the Senate floor. If Mr. Corbo is approved the following step is for President Lagos to choose between the five Councillors the next Central Bank president. Mr. Massad the outgoing president was forced to leave the job following several scandals involving the sale of privileged information by unfaithful members from his most trusted staff.