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(January 2011)| The Plano Real ("Real Plan", in English) was a
set of measures taken to stabilize the Brazilian economy, during
the presidency of Itamar Franco. Its architects include, among
many others, Edmar Bacha, Pérsio Arida, André Lara Resende,
Gustavo Franco, Pedro Malan, Winston Fritsch and Francisco
Pinto.  The problem According to economic academics, one of the
causes of inflation in Brazil was the inertial inflation
phenomenon. Prices were adjusted on a daily basis according to
changes in price indices and to the exchange rate of the local
currency to the U.S. dollar. Plano Real then created a non-
monetary currency, the Unidade Real de Valor ("URV"), whose
value was set to approximately 1 US dollar. All prices were
quoted in these two currencies, cruzeiro real and URV, but
payments had to be made exclusively in cruzeiros reais. Prices
quoted in URV did not change over time, whi