Brazil has sucked in record amounts of capital in part because it is a big beneficiary of booming commodity prices and the global mania for commodity-related investments.

Whereas the original Mini sold in large numbers but was an underpriced lossmaker, foreign ownership and capital have made the new version a global commercial success.

But the thing Mr Zubrow is most exercised about is a planned additional capital surcharge on global systemically important financial institutions, or G-SIFIs in the jargon.