12 articles from today’s Special Report in the FT. President of the Central Bank Henrique Meirelles video interview with Jonathan Wheatley. Meirelles insists in raising rates for as long as the threat of inflation persists. Fiscal policy reform – current civil servant pay negotiations highlighted as key to future economic health. Wheatley asks…

whether the government should use its revenue surpluses eg reserves, tax receipts to pay down its growing debt levels. Meirelles points to public investment needs in infrastructure required to keep up with the expaning economy.

1. Leader – growth of middle class, expansion of credit, shift to formal sector. But state reform of pensions, labour & tax growing more urgent.

2. Stability & The Workers Party – Kicked off with the appointment of Fernando Meirelles as head of the central bank in 2003 and maintained throughout 2nd term.

3. Confident and growing middle class – Rising living standards and increased spending by lower income groups is changing society fast.

4. Violence coming down – Recent economic performance and targeted policies bearing fruit.

5. Consumer credit boom – catering to  the previously unbanked.

6.Traffic in Sao Paulo – 1000 new vehicles a day constraining productivity & quality of life

7. Party Politics – Coalitions are the norm.

8. Presidential ambitions – A look at 4 potential aspirants to President in 2010

9. Oil revenues – Shared production and SWF creation for post-oil society

10.Infrastructure risks – Can the accelerated growth programme and private investment meet the country’s needs?

11. Productive conservation in the Amazon – Commodity prices vs gov. policy and police enforcement

12. IPO market  – Steering a course beyond last years boom and this year’s credit crunch.