Ecuador Election Frontrunners Would Keep Dollarisation

Friday October 6th, 2006

The debate was heated, with Correa and Noboa in particular trading barbs.

The four candidates offered more transparency in awarding government contracts and fighting corruption, as well as legal security to attract foreign investment.

Correa said he would prevent inflows of short-term speculative capital but would encourage productive investments.

He said he aimed to develop local production and employment and, in a swipe at globalization, said he wouldn't have anything to do with "silly opening" of the economy.

The candidates were divided over a proposed free trade agreement with the U.S. Correa said he would not sign any trade deal, while Noboa and Viteri said they would, and Roldos said he would put the deal to a referendum.

Correa ruled out any need to nationalize Ecuador's oil industry, saying that the law already determines that hydrocarbon reserves belong to the state.

Roldos said he would draw up new laws to encourage local and international investments, while Noboa promised less state intervention in the business sector as a way promoting investments.
Viteri said she would seek to reduce the violence, instability and poverty that have pushed millions of Ecuadoreans to migrate abroad.

Correa said he would seek ties with other Latin American countries including Argentina, Brazil, Bolivia, Chile, Uruguay and Venezuela.

In an oblique reference to Venezuela's President Hugo Chavez, however, Correa did say that he would use Bolivarian ideals "not to build a great trade agreement but to build a great nation." Chavez has based much of his ideology on the Latin American integration dream of independence-era leader Simon Bolivar.

Noboa said he would not have anything to do with Cuba and Venezuela while Roldos said he would seek further ties with other Andean countries and the Mercosur trade bloc, which includes Argentina, Brazil, Paraguay, Uruguay and Venezuela.

From EasyBourse actualité.