Reform efforts including a new fiscal framework designed to limit escalating public debt and plans for tax reform are a welcome step in the right direction, but likely insufficient, said Arminio Fraga, who helmed Banco Central do Brasil (BCB) from 1999 to 2002. "I think it would be imprudent to count on 'blue skies and good weather' going forward, sadly, we're not in a position to relax," Fraga told the Reuters Global Markets Forum (GMF).
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