It is a 50-year-old technocratic bureaucracy established under a military dictatorship, with few legal instruments for political and social accountability. Institutional reform must therefore move beyond the BCB’s inadequate price-stability target, which is set according to a narrow inflation index that fails to reflect the experiences of ordinary Brazilian consumers.
C'est une bureaucratie technocratique de 50 ans, établie sous une dictature militaire, avec peu d'instruments juridiques pour la transparence politique et sociale.