Despite signs of a recovery in the country's economy, Brazil cannot fall in the trap of excessive optimism, Brazilian Central Bank President Henrique Meirelles said.
"There is a wave of optimism in the market, but the exaggerated optimism can lead to a new cycle of disappointments," Meirelles said in a business forum in Comandatuba, in northeastern Bahia state, late Sunday.
Meirelles said the international financial crisis was not over yet, and it was important to realize that the crisis would not be solved easily.
He also warned that the crisis would have consequences, noting that the stock markets across the globe had already recorded 29 trillion U.S. dollars losses since the beginning of the crisis.
Despite the warnings, Meirelles said he believed that the Brazilian economy was going fine and would overcome the crisis earlier than other countries.
"I am convinced that the country will emerge stronger (from the crisis). But in this moment we cannot fall in either the catastrophism or the excessive optimism," he said.
Brazil's foreign exchange reserves, which currently amount to about 200 billion U.S. dollars, were one of the pillars which sustained the country in the crisis' most critic moments, he added.