in order to crimp inflation and stem the slide in their currencies the central banks in both countries raised their rates last month: they stand at 11.25% in Brazil and 9.5% in Russia. At the same time, worried finance ministries are keen to bolster their books. In Brazil, fuel-tax hikes are being mooted, and tax breaks on car purchases may be scrapped. In Russia a rule that caps the budget deficit at 1% of GDP may require austere fiscal policy.