President Luiz Inácio Lula da Silva enters Sunday's election in Brazil as a clear favourite. By shoring up macro-economic stability and improving living conditions for millions of poor families he has probably done enough to secure a second term in office.

But although these achievements should not be undervalued, the charismatic former metal worker is some way from producing the tough blend of pro-market social and institutional reforms that would allow Brazil to keep pace with other large developing countries with which it is so often compared, let alone approach the dream of developed world status.