Ever since Goldman Sachs coined the term “Brics” towards the end of 2000, Brazilians have taken pride in a perception of their country, by investment banks and others, as an emerging power of equal status to Russia, India and China. But of late that ranking has begun to look questionable.

This has been especially disappointing given the encouraging start made by Luiz Inácio Lula da Silva when the centre-left president took office in 2003. Then, buffeted by turmoil on international markets – which itself was heightened by fear that the former firebrand leftwinger would lead Brazil towards debt default – the most pressing need was financial stability.