There is no doubt that international disturbances such as the one we have been experiencing in the past few weeks cause enormous damage to the Brazilian capital market. As originators of a third of our stock exchange trade volume, foreigners strongly influence asset prices at every move – not to mention the crisis’ macro-economic effects.

But if there’s one good thing when something goes very wrong out there – or, more specifically, in the United States – it is the invigorating effect of the misfortune in our own self-esteem. This is what happened with the 2001 crisis, when balance sheets scandalously defrauded by American executives were revealed day after day.

When the Enron episode and its successors surfaced, there were people here who showed a certain joy. As of then, American corporate bigwigs were forced to sign their balance sheets prior to disclosing them to investors – something we had already been doing since the Brazilian Corporate Act of 1976 (Lei das S.As). They were also forbidden from freely obtaining loans from the companies where they worked at – something which is only allowed in Brazil with prior authorization from the general shareholder meeting and the board of directors. Even the corporation model based on dispersed capital ownership, which we would later adopt, was questioned. The image of the controlling shareholder – so common and, in some cases, disliked in the Brazilian market – was once again valued in the face of the chicanery committed by unscrupulous and irresponsible executives.

The subprime crisis made Brazil take pride in itself once again. We realized that our financial system is better regulated than the one in the US, which is useful in avoiding excessive risks that can bring down century-old institutions. Our capital market, which allows those behind each operation carried out on the stock exchange to be known, and which restricts short, unsecured selling, also seems well organized. Our securitization-based investment funds, set up with more and less risky shares and limited to qualified investors, stand out for their refined detailing.

Therefore, it is best to be prepared. As in 2001, the American market will begin to announce a series of measures to prevent new disasters. Meanwhile we, who in crisis-free times became used to gazing with admiration at the biggest market in the world, will have to make haste in importing the regulatory novelties that spring over there. Staying tuned to every step they take is doubtlessly essential, but it’s also important to keep in mind that solutions of this type are not “one size fits all”.