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Latin American Economy & Business - August 2014 (ISSN 1741-7430)
Ecuador: The new monetary and financial code: not a roadmap to ruin
Ecuador’s new Monetary and Financial Code (Código Monetario y Financiero), due for final approval as we went to press in late August, has been widely criticised in the mainstream and financial press, on fears that it effectively formalises the ability of the left-wing government and the (government-controlled) Banco Central del Ecuador (BCE) to direct banks and other private sector actors. In reality, the new Code confirms powers that are available to governments in many other countries, and it will not necessarily result in outcomes that are detrimental to Ecuadorean financial institutions or their customers.
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