Feet on fire. (government reforms for Brazil's banking industry)

Political scandals that rocked Brazil's banking industry involving the Central Bank and Banco National may severely affect the banking sector and the economy in the future. The failure of Central Bank officers to discover fraudulent transactions raised questions on the industry's credibility. Moreover, it may force President Fernando Cardoso to abort his plans to reform the financial industry.

President Cardoso has been walking the coals during the recent banking scandals. But his reform programme has not lost its stride.

Brazilian banking is in the midst of a revolution