In recent years, Brazil has devoted enormous energy to the fiscal agenda. The spending cap was replaced by the fiscal framework, primary surplus targets were revised, and court-ordered debts required exceptional constitutional solutions. Congress also expanded its role in budget execution through parliamentary amendments.
Despite this intense legislative and fiscal activity, discussions continue to be concentrated mainly on the rules, while the institutions responsible for formulating, coordinating, and executing these decisions remain in the background. The article suggests that greater attention needs to be given to fiscal governance as a whole.
