A contrapartida para o reforço de autoridade do Banco Central e a conseqüente implementação de instituições para a reforma financeira, no Brasil, foi um aumento da transparência das ações da autoridade monetária, concomitante a uma melhoria em seu processo de prestação de contas e responsabilização pública.A reconstrução das trajetórias que levaram a essa convergência entre um organismo internacional e uma autoridade local, numa democracia emergente de mercado, parece ser a chave para o entendimento das peculiaridades que redundaram nas falhas dos modelos unificadores de institucionalização, como aqueles preconizados pelo Consenso We decided to debate the universal validity of this conventional literature using the argument that the institutional building of safety nets for the Brazilian financial system -in a context of crisis and opportunities -was possible as a result of the cooperative game between an international financial organization (BIS) and the local monetary authority (BACEN).We will do that by analyzing the relation between these financial reforms led by Brazilian Central Bank more accurately, arising from a critical juncture occurred at the beginning of 1999, and the standardization of institutions for the improvement of banking supervision originated from BIS -Bank for International Settlements.The counterbalance to the reinforcement of central bank authority and the consequent implementation of institutions for the financial reform in Brazil was the increased monetary authority acts transparency and the simultaneous improvement of its mechanisms of political accountability.The study of path sequence that led to the convergence of the intentions of an international organization and a local political authority, in a emerging market democracy, seems to be the key to the comprehension of the peculiarities that resulted in the failure of the remedies that recommended a "single model" for the success of these reforms in new democracies, like the ones prescribed by the Washington Consensus, which were adopted by several organizations, including the InternationalMonetary Fund -IMF.ix