ii. new constitution;

iii. reforms on taxation; social security and judiciary;

iv. macro-economic aspects;

v. the Real Plan, characteristics;

a. pillars, exchange rate and interest rate;

b. lack of fiscal adjustment;

i. the Brazilian economy in the 90`s; and

ii. the political quandary.i.The Uruguay Round of the GATT and the move towards regionalism, NAFTA, MERCOSUL and the FTAA;

ii. Objectives and first successes of Mercosul;

iii. Exclusionary trade or possible trade (59% agriculture);

iv. Distortions, shortcomings and the exchange regime;

v. The fiscal weakness in Brazil;

vi. The adverse international situation.

i.Investment diversion;

ii. Economic discrepancies;

iii. Currencies and exchange;

iv. Troubled sectors: sugar; automotive; paper; textiles; poultry; shoes; steel.i.multilateral, WTO (social dumping, multilateral agreement on investments, agriculture, services, environment, etc.);

ii. regional, FTAA (agriculture, services, etc.);

iii. international (IMF, institutional); and, but not least,

iv. local.