However, the fact that the left-of-center Lula administration in Brazil has been able to support disciplined monetary and fiscal policies without significant loss of popularity is itself testimony to the degree that such policies are becoming more widely accepted in the region.
The situation in the Italian banking system, as also described in the IMF’s Financial Sector Assessment Program (FSAP) of September 2013, was very different back then: Italian banks had not been affected by these issues.