Mauricio Macri thought confidence would lead to growth. His successor wants to reverse the sequence
drove himself and his girlfriend, Fabiola Yáñez, to congress for his inauguration as Argentina’s president in their Toyota. That gesture, as much as anything he said in his hour-long speech, signalled that he intends to swiftly help ordinary Argentines who are suffering from recession, high inflation and rising poverty.
The new president’s big idea is to reverse Mr Macri’s sequence: growth will lead to a revival of confidence rather than the other way round, he argues. To boost growth, he intends to bring back tools employed by Ms Fernández’s administration—but to wield them more deftly. Ideas for reining in inflation are unorthodox. The new government may keep a cap on utility prices that was due to expire at the end of 2019. It is expected to keep capital controls introduced by Mr Macri as an emergency measure to curb the depreciation of the peso, and to reach a pact with employers and trade unions to hold down prices and wages.
She had a hand in the choice of the ministers of interior, defence and security. Her supporters will be in charge of the agencies that handle taxation, pensions and care of old people, which have big budgets and jobs to offer political allies. Her clout in these areas suggests that reforming the state will not be a priority. As vice-president, Ms Fernández is the senate’s leader and commands the Peronist bloc in the chamber, where it has a majority.
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