Using an expression to the liking of economists, the macro regime is therefore a non-sufficient condition for development. But it seems to be a necessary condition, mainly because of the negative influences and barriers that it can impose on the conduct of procedures defined by the broader strategy. Again, the processes under way in the Brazilian economy over the past few years are a clear example of these restrictions.

Thus, the present paper deals with these relationships between the macroeconomic policy fronts themselves (exchange rate, monetary and fiscal) and an ideal development project, whose constituent elements were presented, in part, over the past presidential terms, but whose contents need to be revisited, deepened and complemented. This strategy, here called as “social-developmentalist”, has its social component contextualized and summarized in the first section. On the second one, we present an overview of the constraints (mainly external) to the Brazilian growth model and to the operation of economic policy in the current context and the general directions that should guide it. The third section focuses on the institutional framework of each of these three policy fronts and assesses their recent conduct in Brazil, in the light of the preceding considerations. Brief conclusions finish the text.