The BCV and the surrender of institutionalism
We can see Venezuela's recent economic history through what has happened to its currency. For those of us who closely follow financial dynamics, not as cold macroeconomic data, but as a vital element of a society, the current state of the Central Bank of Venezuela (BCV) is something much more serious than a technical crisis. It represents the total surrender of institutionalism to political power. After almost three decades of transformations, the issuing institution has ceased to be the guardian of the value of our work, becoming a passive appendix, an executing arm of the National Executive whose functionality as a monetary authority is, today, practically nil.