Santander chair backs Brazil central bank independence under Lula

Santander Group Chair Ana Botín expressed confidence in the Brazilian Central Bank's independence under President Lula's new government, stating the monetary authority will remain independent and rigorous. Botín highlighted Brazil's solid institutions, comparing them to the US system of checks and balances. She acknowledged this institutional strength can limit government maneuverability but noted Brazil's position has improved significantly compared to 10 to 20 years ago. The CEO addressed fiscal challenges as a global issue, arguing current tax structures reflect an industrial-era economy. She cited public pension pressures from aging populations, referencing Spain's retirement age increase to 67, while avoiding direct comment on France's fiscal crisis.