The Brazil experience
Regulators are well advanced in pushing through reforms of the financial system. But Arminio Fraga, a former governor of the Banco Central do Brasil, warns about uniform global capital rules, as well as the danger of multiple, small central counterparties. By Peter Madigan
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
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