"The government has taken a series of measures at the time that were quite effective in keeping the Brazilian economy from moving into a deep recession. The people here had a brief, fast and mild recession, but we did not approach the severity of the Chilean and Mexican cases. Our recession had growth rates just a little less than zero. The measures taken at the time were credit growth in an economy that was already growing, so we expanded credit in an economy that had high consumer expectations and high employment. "
John Sicsu, Professor of Macroeconomics at UFRJ, in a seminar on the crisis and Mercosur, sponsored by Parlasul
"Without Mercosul, Brazilian industry would be in big trouble, because it is in South America, especially, where Brazil can sell its industrial products ... Mercosul has agreements among the countries of Mercosul, and the other countries of South America, which today make up 77% of Brazil's exports to the region with a tariff rate of zero percent."
Ruy Pereira, Ambassador of Brazil to Mercosul at program conducted by the SC Federation of Industries (Fiesc).