. In response to the global financial crisis, the Lula Administration implemented a series of stimulus measures designed to offset declines in global demand with increased domestic consumption. Analysts have credited the administration’s timely policy response for mitigating the effects of the crisis and facilitating recovery; the Brazilian economy contracted by 0.3% in 2009 before rebounding with 7.5% growth in 2010.10 Moreover, Lula won legislative approval for a new regulatory framework that is designed to increase the state’s role in the exploitation of Brazil’s considerable offshore oil reserves and use the resources to fuel long-term economic and social development.