Passionately? Obviously, the National Assembly and its process against President Guillermo Lasso, where it is shameful (laughs) that they even made a mistake in their approach. Shouldn’t there be a process like this? Of course, yes: in a presidential democracy, there must be constitutional mechanisms for changing the government, with clear and convincing reasons. Does it exist in this case? Obviously not (although the government is lazy). Without knowing the legal issues, but with common sense, it seems to me that the role that some attribute to the Constitutional Court, “only to verify the correctness of the procedure”, does not make sense, because it should also verify the substance; Otherwise, it is enough to have a parliamentary majority and invent reasons (“as long as they are formally well”) for dismissal. The court must play the role of balance in relation to the three authorities, which also implies eventual conflicts between the authorities.

Five members of the assembly admitted that they will prosecute the impeachment of President Guillermo Lasso, due to the alleged crimes of extortion and embezzlement

Very bad? Interest rates in the world have increased, which means that interest rates for savers in the country have also adjusted. But the interest that can be charged on loans is subject to regulatory mechanisms that do not allow them to be adjusted in similar proportions. Long-term loans are disappearing because financial institutions cannot risk this mismatch between savings and lending rates, and are focusing on places where there is more room, such as consumption and the short term. Solution? Obviously, releasing that restrictive system. Another thing? Implement the necessary legal changes to make Ecuador more attractive to more foreign banks that create more competition in the market; it probably wouldn’t happen now, but the groundwork is being prepared.

Long-term loans disappear because financial institutions cannot take risks

Important reforms, although unnoticed

Interesting, but…? Fiscal accounts for 2022. According to the Central Bank, the non-financial public sector would be closed in balance (expenditures equal to revenues), which is very good. But it’s worth looking back. For example, there was an increase in total spending from 40 to 44.7 billion dollars (are you measuring that?). Now he spends 120 million a day! There is no doubt an increase of 3 billion for the most expensive imported petroleum products, and 7.5 billion for social insurance, but total salaries now reach 11.5 billion; know that it is the equivalent of all VAT, income tax and ICE that we citizens pay. Unacceptable! And the balance is also given because oil revenues have increased by more than 3 billion (a matter of luck) and citizens contribute 2 billion more in taxes (a significant part due to tax increases and some due to improved collection). On the whole, an expensive and unproductive state cannot be good news.

Good news? Several trade agreements are moving forward. There are some reforms to the Companies Act that simplify the incorporation and closure of companies (often a terrible burden for those who start and don’t do well). Finally, the president announced the construction of two large highways: Guayaquil-Cuenca and Guayaquil-Quito (the latter I mentioned many times as something important), whose studies would supposedly be carried out with Korea and last a little more than a year … That’s something. (OR)