Arminio Fraga *85, Founding Partner of Gávea Investments and former President of the Central Bank of Brazil, discusses the topics of central banks, inflation, and key lessons from monetary history that should impact the present roles of central banks and government today. By comparing the fiscal past and present of Brazil and the U.S. with their European and South American counterparts, Fraga pinpoints specific corrective measures that restored stability to systems fraught by hyperinflation and makes recommendations for fiscal policies that honor the true scope of what central banks can realistically achieve. Fraga was the Madison Medalist, Alumni Day 2013.
