By PEDRO HENRIQUE MAURÍCIO ANICETO*
The “art” of writing these BC documents, mentioned by Gabriel Galípolo and perceived by Caetano Veloso, lies in the ability to mask their ideological orientation under the appearance of technical neutrality.
The Central Bank's institutional communication plays a critical role in formulating and disseminating monetary policy guidelines, with the minutes of the Monetary Policy Committee (Copom) being fundamental discursive instruments for structuring perceptions and legitimizing economic decisions. Although these minutes are presented as technical documents, their discursive construction carries lexical and syntactical choices that guide the understanding of the economic situation.
In the context of the Copom minutes of January 29, 2025, a complex web of meanings can be observed that influences the way in which the direction of monetary policy is understood. This article proposes a critical analysis of this discourse, based on Michel Pêcheux's discourse analysis and Phil Graham's axiological approach, with the aim of demonstrating how the language used in the minutes reflects a specific worldview, prioritizing inflationary stability to the detriment of other socioeconomic factors.
The Central Bank and the construction of neutral discourse
The language used in the Copom minutes has a technical and seemingly neutral tone, but when analyzing its discursive structure, it is possible to identify ideological marks that condition the interpretation of the economic situation. As Michel Pêcheux argues, the speeches are not merely descriptive, but rather active elements in the reproduction of a certain vision of reality (Orlandi, 2005). In the specific case of Copom, terms such as “inflationary challenges”, “adverse external situation” and “pressures in the labor markets” play a decisive role in the construction of a narrative that justifies the adoption of restrictive monetary measures.
This narrative reinforces the primacy of combating inflation as a guiding principle of economic policy. Expressions such as “fiscal risk” and “need for discipline” contribute to transferring responsibility for potential economic imbalances to the public sector and wage growth, while structural factors, such as the high real interest rate and the economy’s vulnerability to international financial flows, are minimized or omitted.
This framework is in line with the precepts of neoliberal orthodoxy, which defend the limitation of state action and the prevalence of market dynamics as natural regulators of the economic system.
Axiology and valuation in monetary discourse
Phil Graham (2023) argues that axiological discourse analysis reveals how certain values are attributed to apparently technical concepts. In the case of the Copom minutes, the categorization of economic variables as “risks”, “pressures” and “challenges” establishes a discursive hierarchy that marginalizes social concerns, such as employment and income distribution, in favor of the primacy of inflationary control.
A concrete example of this hierarchy can be seen in the wording of the minutes, which states: “the labor market remains buoyant, making it difficult to assess to what extent a possible slowdown would reflect a weakening of demand or supply pressures.”
This statement assumes that maintaining economic growth and job creation represents a factor of instability that needs to be contained to ensure macroeconomic stability. In this way, the adoption of restrictive monetary policies is legitimized, while at the same time implicitly associating the valorization of labor with a problem that needs to be corrected.
Unhacking expectations and the rhetoric of control
Another fundamental discursive element in the minutes is the notion of “unanchoring inflation expectations,” repeatedly mentioned as a risk factor. This expression functions as a rhetorical mechanism that shifts responsibility for failure to meet inflation targets from monetary policymakers to private agents, such as consumers and entrepreneurs.
Thus, “de-anchoring” is used as a justification for maintaining an austere monetary policy, reinforcing the need to discipline the market by raising interest rates.
Furthermore, the minutes use expressions such as “economic and geopolitical uncertainties” to describe the external scenario, reinforcing the need for caution in conducting domestic monetary policy. This formulation omits the impact of domestic decisions on the economic context and disguises the influence of structural factors that could be managed through alternative strategies.
In this way, responsibility for the volatility of exchange rates and interest rates is attributed to external and unpredictable elements, exempting the Central Bank from a more in-depth examination of its own performance.
Final considerations
The discursive analysis of the Copom minutes reveals that its language is not merely descriptive, but rather structured by specific values and interests. The choice and articulation of the terms used in the document contribute to naturalizing certain economic premises, while policy alternatives are made invisible.
The “art” of writing these documents, mentioned by Gabriel Galípolo and perceived by Caetano Veloso, lies precisely in the ability to mask their ideological orientation under the appearance of technical neutrality.
A critical understanding of the language used by the Central Bank is essential to broaden the debate on macroeconomic policies and their impacts on society. The analysis proposed here demonstrates that, when choosing its words, the Central Bank also chooses a worldview, reinforcing an economic model that prioritizes certain interests over others.
By questioning the discursive choices in the minutes, it becomes possible to reveal the ideological foundations that support their recommendations and, thus, foster a more democratic and plural debate on the economic policies adopted in Brazil.
*Pedro Henrique Maurício Aniceto is studying economics at the Federal University of Juiz de Fora (UFJF).
References
COPOM. Minutes of the 268th meeting. Central Bank of Brazil, January 29, 2025.
GRAHAM, Phil. Axiological Discourse Analysis: After Neoliberalism. Critical Discourse Studies, 2023.
ORLANDI, Eni. Discourse Analysis: Principles and Procedures. Campinas: Pontes, 2005.
PÊCHEUX, Michel. The Discourse: Structure or Event. Campinas: Pontes, 1997.
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