It has been rumoured in the Brazilian press that Henrique Meirelles will step down as Governor of the central bank (BCB) next year, but that Finance Minister, Guido Mantega, will retain his post under President-elect Dilma Rousseff. While it is too soon to change any forecasts, not least because there have been no formal announcements, there is little to suggest that the new administration is about to undertake a much-needed rebalancing of the policy mix in favour of tighter fiscal policy and looser monetary policy, which will be essential to shifting Brazil to a higher growth path.