And Mr Fraga will have to implement a credible monetary policy based on an inflation target.
Lula has made it clear that he does not want Arminio Fraga to stay.
Mr da Silva has dismayed markets by saying that Arminio Fraga, Brazil's trusted central-bank chief, must go.
Their next question was who would succeed Arminio Fraga as central bank governor.
ECONOMIST: Brazil's new president: Mr da Silva goes to Washington | The
Spain's last political tie to the Franco era was cut with the defeat of 82-year-old Manuel Fraga in Galicia .
In the meantime, the head of Brazil's central bank, Arminio Fraga, is confident that Brazil can cope with the current uncertainties.
His advisers are less adamant, however, when asked if Mr Fraga might stay on a few months to help with the transition.
In one case he said he will not keep Arminio Fraga, the widely respected governor of the central bank, in his job.
Among central banker types, Mark Carney (currently at the Bank of Canada) and Arminio Fraga (formerly president of Brazil's outfit) have stood out.
None of this, however, has dampened the ardour of the government's romance with Brazil (whose central-bank chief, Arminio Fraga, is also on the advisory panel).
Henrique Meirelles, the new central bank president and an experienced commercial banker, is likely to retain many of the advisers of his predecessor, Arminio Fraga.
Mr da Silva says that he will not keep Arminio Fraga, one of the world's most respected central bankers, as governor of the central bank.
Morgan's chief treasurer in Sao Paulo, continue a marked improvement in the central bank's performance since Arminio Fraga took over as its president in February.
To that end Pedro Malan, the Finance Minister, and Arminio Fraga, the new Central Bank chief, this week started a visit to Europe and New York.
"When the company would acquire new sites, we would configure the networks and test them in a preproduction environment before handing them off to operations, " Fraga says.
In mid-October, in real terms, the exchange rate was where it was in 1991, when Brazil had huge trade surpluses, according to Arminio Fraga, the Central Bank's president.
ECONOMIST: Worries about the public debt are overblown��at present
The Fraga's contact book is a big help as the team travels around the world to gauge the outlook in the 20-or-so countries the fund is invested in.
Mr Fraga, as a poacher turned gamekeeper (he previously worked for George Soros, a hedge-fund investor) has been careful to discuss his proposed changes with key market traders.
On the other hand, he has fuelled anxieties by, for instance, saying he would not ask the widely respected governor of the central bank, Arminio Fraga, to stay on.
Our Sunday Visitor correspondent Brian Fraga interviewed Smith.
Carlos Fraga, 27, was studying computer science part-time at the Borough of Manhattan Community College in New York late last year when he heard about a Cisco Networking Academy program being offered there.
In the case of Brazil, that is healthy, since the economy cannot satisfy domestic demand (rising at 8% this year) without higher inflation, reckons Arminio Fraga, a fund manager and former central-bank president.
Deysi Fraga, rectora de la UCPEJV, Herman van Hooff, director de la Oficina de la UNESCO en La Habana, y embajadores y representantes de las embajadas de Dominica, Ecuador, Nicaragua y Venezuela en Cuba.
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