Overcoming the “impossible trinity”: towards a mix of macroeconomic policy instruments for sustaining economic development in Brazil by André Nassif. “The main issue is that these governmental measures (including the mix of the above suggested macroeconomic policies) should have been implemented in mid-2009, when the real exchange rate began to show a sustained trend of appreciation and not in ad hoc small doses as has occured from early 2010 on. In other words, it is much more difficult to find an organized exit from a potential exchange rate crisis when the country’s external financial vulnerability has dramatically increased.” See PDF Attached
