The Brazil experience
Changing the market structure
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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