Faced with this situation and perhaps as a way to test about the conviction of monetary policy is carried out from the Central Bank of Brazil, at the annual meeting of the IDB was asked its Chairman Henrique Meirelles on the possibility of the Brazilian Monetary Authority chooses to establish specific exchange rate levels. Meirelles, without hesitation and convincingly described this alternative as incompatible with efforts to preserve the rate of inflation under control. In the words of the President of the Central Bank of Brazil: countries that have tried getting involved in non-explicit goals (in the exchange rate) also have had serious problems of inflation. It is not bad that Meirelles thinks so, but perhaps would have cared their words as it is between the Auditorium were authorities of Latin American countries that intervene the currency market to maintain its stability implicitly determining exchange rate parity imagine that after their statements will have given them any apology. True of all this is that so far this year, the real takes accumulated a nominal appreciation against the dollar from 4.5% (and 20.4%) since early 2007 and the likelihood that Brazil record this year its first deficit of the current account, after five years of consecutive surpluses is increased. Meanwhile, producers can only expect measures to alleviate the negative effects of the appreciation of the real on their competitiveness but hardly see a direct action of the economic about the exchange rate policy (maybe yes, some slight intervention in the currency market). I have no doubts that Brazil is determined to implement sound long-term policies but need to pay any cost in the short. Surely the time will give you the reason on this wise decision..