Lula is considering appointing his deputy, Alckmin, as Minister for the Economy to reassure the markets

Consultations on the formation of the new government have only just begun. And Lula is already working to appoint, as Minister for the Economy, a figure capable of calming the markets and ensuring Brazil’s fiscal responsibility. A decision that may not be made immediately but is likely to be announced in the coming weeks.

There are several options on the table, but the one that many media outlets consider the most likely is the current vice-president, the conservative Geraldo Alckmin. This scenario would be viewed favourably by the financial markets, as a sign of strict control over public spending.

Lula himself, in the heat of the moment last night, seems to have sent a clear signal to that effect: when commenting on his historic victory, he wanted him by his side, showered him with praise and, in the end, handed him the microphone so that he could be the first to express his joy at the result.

There is also the possibility of reappointing the current minister Dario Durigan. Some of Lula’s allies are pushing for his reappointment: this would be a way of ensuring continuity in current economic policy and maintaining close ties with the Casa Civil, which is the political and administrative body that directly assists the President of the Republic. At federal level, it has the status of a ministry and is often compared to the role of the General Secretariat of the Presidency or an enhanced ‘Chief of Staff’, acting as the government’s true ‘driving force’.

Furthermore, some are suggesting the candidacy of Gabriel Galípolo. The current governor of the Central Bank is another of the technical experts strongly tipped to head the government’s economic portfolio. Finally, Bruno Moretti: the current Minister for Planning is regarded as a viable political alternative, backed by excellent channels of communication within the right-wing-controlled Congress.