Meet Chile's Mr Dependable: Vittorio Corbo
Banco Central de Chile president Vittorio Corbo is arguably Latin America’s most respected central banker. He tells Euromoney how he is keeping a lid on the region’s biggest economic danger – inflation. Sudip Roy reports from Santiago.
Why has Chile been able to develop a successful economy while the rest of Latin America hasn’t?
After the crises we went through in the 1960s and 1970s, the country started to embrace fiscal responsibility. Second, we decided to open to trade. That process was initiated in the 1970s and continues today. We’ve also had very responsible governments [following the transition from Augusto Pinochet]. The past three administrations have built on Chile’s strengths rather than change everything.
Is it the economic model that other Latin American countries should follow?
It’s very difficult. Each country has to find its own model. Each country has to own its economic programme and decide how to implement it.
Is there a danger that Chile might fail to take advantage of the opportunity to become a fully developed country?
Given the success of the past 20 years, there is great ambition to go the extra mile. There is a consensus that we have strong foundations. We have three in particular. On the macro side we have strong public finances. The consolidated public debt of the central government and the central bank on a net basis is 5.7%