“…This led to a deepening of the criticism against currency overvaluation and high-interest rates (CUT, FS and FIESP 2011). Even though this move did not signal a rupture with the macroeconomic tripod, industrial associations became closer to the government in the public debate, providing legitimacy to some interventionist measures (Boito 2020). On the other hand, domestic private banks kept their defense of macroeconomic orthodoxy, contending that abrupt policy changes could risk hard-won stability and have little effect on long-term economic challenges (Gallagher 2015a(Gallagher , 2015b.…”