President Mejia rejects there is a paralysis of the economy as denounced by the president of the Herrera Association of Industries, Antonio Espín. Espín alerted that spending and sales are down as a result of recent government measures. Mejía called Espín a "pseudo-businessman." Mejia said that he will not allow anyone to set guidelines for his administration. He said he already has a Monetary Board made up by very prepared persons. El Caribe publishes today comments by a member of the Monetary Junta, former governor of the Central Bank Carlos Despradel who advocates that the government should seek a decline in the rate of growth as a mechanism to control aggregate demand and force a decline in consumption without affecting key productive sectors that generate foreign exchange. Despradel said that the nation’s high petroleum bill, about US$1,500 million a year, has placed the DR before a great dilemma: choose to maintain the present economic development or to keep macroeconomic stability. Despradel’s thesis contrasts with that of many economists who advocate the importance of maintaining economic growth in order to keep the present number of jobs and create new ones, needs not to affect a negative effect on macroeconomic stability.
