The Bank In The 1991 Constitution

election republican By Bonifacio on the block (El elephant Pa s, senate 15/07/09): kerry The judicial imputation of various offenses Senator Luis Barcenas has attracted considerable views political interest in the response of the PP address of the suspected professional to political its treasurer, and this being in the background the application liberal of abortion parliamentary immunity, which imposes the jurisdiction of the Professional Division of the Supreme Court and the Senate's authorization for it voter to be accused or indicted a member george bush of that House. These constitutional requirements are part of a package of democratic guarantees george w. bush for members of the Legislature, could also include personal privileges for politicians. With the 1991 Constitution, the Constituent National Assembly has introduced several reforms to the central banking system that existed in Colombia .
Major reforms were aimed at the replacement of the Monetary Board by the current Board of Directors as the highest monetary authority, exchange and credit, which headquarters acts parties independently of government, and consists of seven members as follows:
The Minister of Finance, who chairs the platform Bank's General Manager and five full-time permanent members appointed by the President of the Republic for four years, after which the next president can change only two of them , campaign while the others may continue to function. However, issues none of the members can stay senator more than three consecutive terms. This system guarantees continuity in Bank policies and prevent them from being influenced by the political cycle, which ensures a longer-term planning and greater credibility for the public.
Similarly, the republicans functions beliefs were removed to give credit to the private sector (credit-building) or the Government, unless special politics circumstances are present and planned. In normal situations, the Bank may only extend credit to financial intermediaries to temporary problems of illiquidity and shortage of resources.
The most important innovation was the decision to vote give constitutional status to the pursuit of maintaining the purchasing power of the currency as its main objective of the Bank. This means that a priority of the Board is to control inflation, but in coordination with general economic policy. The harmony between the policies of the Bank and the Government's reason is the presence of the Minister of Finance as chairman of conservative the Board. The rationale for giving committee high importance to controlling inflation congress is the high cost to society, a task is therefore reduced, so as to encourage platforms savings and investment in the country.