Minister of the STF shared this Sunday (June 14) an article by a former Minister of Finance that paid homage to Fernando Henrique Cardoso’s 95th birthday
The minister of the STF (Supreme Federal Court) shared this Saturday (June 14, 2026) an article by former Finance Minister Pedro Malan published in the newspaper The State of S. Paulo in honor of former president Fernando Henrique Cardoso’s 95th birthday. In Gilmar stated that the Real Plan combined“political will and institutional capacity” to face economic and social challenges.
According to the minister, FHC’s arrival at the Ministry of Finance in 1993 marked the beginning of a process that allowed Brazil to overcome hyperinflation and create conditions for economic growth in the following decades. Gilmar once again classified the Real Plan as “the largest social program ever carried out in Brazil”arguing that currency stabilization mainly protected the income of the poorest population.
When commenting on Malan’s article, Gilmar highlighted that the Immediate Action Program, launched in June 1993, was based on the understanding that inflation was a consequence of structural problems in the economy, such as fiscal imbalance and the loss of the State’s investment capacity. For him, the strategy adopted at the time sought not only to control prices, but to rebuild the country’s economic foundations.
TEXT OF MALAN
In the text published by EstadãoMalan states that the discussions conducted during the formulation of the Real Plan remain current given the challenges faced by Brazil and other economies. The former minister maintains that the country is once again facing issues related to low economic growth, social inequality and the difficulty of implementing structural reforms.
Malan also recalls that the stabilization program included measures aimed at balancing public accounts, reviewing constitutional provisions and monetary reform that resulted in the creation of the URV (Real Unit of Value), a stage that preceded the launch of the real in 1994.
In the publication shared by Gilmar, Pedro Malan also makes a reference to the current political and economic scenario. The “Letter to the Brazilian People”, published by President Luiz Inácio Lula da Silva (PT) in 2002 during the presidential campaign, was cited. According to Malan, it would be positive if commitments such as fiscal responsibility, inflation control and respect for contracts were reaffirmed in 2026.
When commenting on the article, Gilmar said that the reflections of FHC and the generation of public policy makers responsible for the Real Plan serve as a reference for periods of uncertainty. According to the minister, major national challenges require long-term vision, responsibility and execution capacity.
