The Brazil experience

Peter Madigan
10 Jan 2011

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Arminio Fraga has seen his fair share of crises. As president of the Banco Central do Brasil from February 1999, he had to deal with the fallout of a devaluation of the real a month earlier, as well as market jitters ahead of the election of left-wing presidential candidate Luiz Inácio Lula da Silva in October 2002. Nearly 10 years after becoming president of the Brazilian central bank, he played a prominent part in writing a key report on the most recent financial crisis alongside Paul Volcker

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