September 25, 2013
By Thierry Ogier and Taimur Ahmad
As ironies go, this one seemed especially bitter.
Having for years called for a weaker currency, Brazil's finance minister Guido Mantega finally got what he wished for in 2013.
By August, the Brazilian real had plunged to near five-year lows against the dollar, having lost 16% after the US Federal Reserve first hinted in May it would pare back its stimulus measures
The sharp decline in the real had dwarfed its rise of three years earlier, which at the time prompted Mantega to coin the term "currency wars" to describe the effect of Western monetary policy on emerging market
Brazil must overhaul its growth model if it is to avoid shuffling into a lackluster future. But as an election year approaches, change remains elusive