Goldfajn faces independence test

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The Central Bank of Brazil's new governor, Ilan Goldfajn, is no stranger to the world of central banking. In the early 2000s, he served alongside Alexandre Tombini, now the outgoing governor, to set up Brazil's inflation-targeting regime. The pair did this under the stewardship of then-governor Arminio Fraga, who describes Goldfajn as "fantastically qualified" when asked about his suitability for his new role: "You couldn't ask for a better person."

Goldfajn served as the bank's director for eco

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