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Sustained growth and an assertive foreign policy are the manifestations of the newly emerging Brazil. Economic growth finds its origin in a combination of democratic consolidation and macroeconomic stability at a time of international prosperity. Cautious and well-designed interventions by monetary authorities, with limited political interference, have reduced the disturbances caused by the international financial crisis of 2008. Social programs, which have been consolidated and rigorously implemented since the late 1990s, have succeeded in alleviating extreme poverty in the regions. Brazil has renewed its contribution to international governance. It has challenged the stronghold of rich countries in multilateral organizations, established new relations with developing countries, joined the most outspoken advocates of democratization, and contributed decisively to UN-sponsored peace missions. Recurrent urban violence and profound social inequalities are slowing the pace of reform. The threat of a return to economic instability and social upheaval are the challenges facing Lula?s successor.