Normally, in these embarrassing circumstances, someone senior would resign from the board, to bring about a structuralimprovement in the relationship with the owners.
Structural policy adjustments have played a role in some countries, but the improvement also reflects cyclical effects, in particular the relatively weak cyclical position of many advanced economies and movements in terms of trade.
We also believe that ultimately the various structural factors negatively affecting demand outside Brazil will continue to manifest themselves, despite the recent improvement in asset markets.