MONETARY SOVEREIGNTY AS A VECTOR OF NATIONAL DEVELOPMENT: the contributions of the autonomy process of the Central Bank of Brazil
autonomy of the Central Bank; monetary sovereignty; currency stability; inflation; national development
The autonomy of the Central Bank brings to the debate currently monetary sovereignty to improve national monetary policy and, consequently, the economy in the country. The Central Bank, the institution responsible for implementing the country’s monetary policy, has in its objectives the pursuit of controlled inflation within the target set by the National Monetary Council for currency stability. To this end, the Selic rate is used as an instrument of monetary policy, increasing it when there are high inflation cycles or decreasing it to stimulate the economy when inflation is controlled within the target. Thus, this article objective to analyze the principle of monetary sovereignty as a means of ensuring national development, which is strengthened through the autonomy of the Brazilian Central Bank, providing more legal certainty for attracting investments in the country, allowing the expansion of the national market and ensuring the preservation of the value of the national currency, in other words, the Central Bank has the function of stabilizing the currency, which results in maintaining the purchasing power of the population and consequently strengthens free enterprise in Brazil. In order to achieve this objective, bibliographical, jurisprudential and legislative research were carried out using the deductive method and the qualitative approach. Concluding, therefore, that national monetary sovereignty, through the autonomy of the Central Bank, is a key point for the monetary stability of the country to achieve the national development stipulated as the duty of the Brazilian state in art. 3, II, of the Federal Constitution.