By José Ángel de la Paz

The plea to install an Economic Emergency Council for prompt decision-making in the face of the COVID-19 crisis was taken up again during the webinar “Economic Recovery and the Business Sector” organized by EGADE Business School at Tecnológico de Monterrey.

“We must take urgent measures based on an analysis of the current conditions, to avoid a vicious circle of recession, unemployment, poverty, and weak public finances,” said Javier Treviño, head of the Public Policy Division of the Business Coordination Council (CCE for its initials).

The establishment of an Economic Emergency Council made up of members of the government, private initiative, academia, and the social sector, is one of the proposals in the document “Recomendaciones para el Acuerdo Nacional. 68 ideas para México”, which was delivered by the CCE to President Andrés Manuel López Obrador and which includes the findings of the 11 round tables held within the framework of the National Conference for Economic Recovery.

Treviño urged the business sector to work with the Legislative Body to encourage the Government to consider the proposal.

Patricia Terrazas, a federal deputy representing the PAN party in Chihuahua, said that the Chamber of Deputies has advocated the creation of a multisectoral body inspired by the current General Health Council.

“We are urging the creation of an Economic Emergency Council that includes the private sector because we have to work beyond the (partisan) colors and ideologies,” said the president of the Finance and Public Credit Commission.

Treviño and Terrazas discussed other suggestions made to the government, which include strengthening an integrated infrastructure program, proposing that a major project be authorized and financed in each state, and supporting companies with the prompt return of VAT and the temporary deferment of tax obligations, in order to maintain cash flow and employment.

“At no point do these proposals imply privileges, bailouts, waivers, or avoidance of obligations. They are recommendations to safeguard health, stimulate employment, trigger consumer spending and boost investment and economic activity,” Treviño said.

The CCE representative also highlighted the importance of protecting value chains, with mechanisms and timeframes for reopening per sector and region so as not to break national and regional sourcing in North America.  

This webinar, part of the series “Rising to the challenge: Leadership in the face of COVID-19”, was moderated by María Concepción del Alto, head of the Master in Finance at EGADE Business School, Monterrey.

YOU CAN WATCH THE WEBINAR HERE