Gustavo Loyola is currently a partner at Tendências Consultoria Integrada, a leading São Paulo-based consulting firm. His main areas of focus include macroeconomic policy and financial markets. Previously, Dr. Loyola was chosen to head Brazil’s Central Bank between 1995 and 1997, where he also served as director of Banking Regulation and as president in 1992-3. Since the unstable period of the late 1980s, he has played an active role in shaping and conducting Brazil’s economic policies. While president of the Central Bank, Dr. Loyola oversaw the restructuring of the country’s banking sector, after inflation was bridled in 1994. He is a frequent contributor to various Brazilian newspapers. His PhD. dissertation, “Preços Relativos em um Processo Inflacionário,” was published as a book in 1991 by the Fundação Getúlio Vargas. Dr. Loyola holds a PhD in economics from the Getúlio Vargas Foundation in Rio de Janeiro.