In a meeting that highlighted the occasionally uneasy relationship between the two countries despite their potential to be strong partners, Ms Rousseff said that excessive monetary expansion in the US and Europe was hampering growth in countries such as Brazil.  

 

Brazil is keen to win public support for its efforts to find a multilateral solution to what it calls the “currency war”, competitive devaluations of exchange rates by countries hoping to improve their export prospects.

Ms Rousseff, who enjoys a 77 per cent approval rating despite a turbulent first year in office that has seen her lose seven ministers, has complained about a “monetary tsunami” that has swamped emerging markets, inflating the value of their currencies and rendering their industries uncompetitive.