摘要：The worsenin g of Brazil’s fiscal sit uation in 2015, which contributed to the deterioration in the perception of Brazil risk and the loss of its international investment grade rating last December, cannot be mitigated with short-term emergency measures alone because it is the result of a structural problem, says Fernando Rezende, an expert in fiscal and tax issues, professor at the Brazilian School of Public and Business Administration (Ebape) of the Getulio Vargas Foundation, and former head of the Institute for Applied Economic Research (IPEA). Rezende points out that the lack of meaningful discussions on tax, budget, and federal issues led to adoption of expedients that have only worsened Brazil’s fiscal problems. He traces the history of Brazil’s fiscal policy since the 1988 Constitution and speaks to areas he considers critical to the restoration of sound public finances: “We need to discuss budget reform … to discuss not a new public budget law but rather the government role, because the budget can no longer accommodate the government’s responsibilities."
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