The article looks at how Brazil's monetary policy performed after the Real Plan, focusing on factors affecting the money supply from 1994 to 2004. The Real Plan aimed to stabilize the economy, with the Central Bank using active and restrictive policies. These policies effectively reduced the money supply and banking multiplier. However, the focus on interest rates led to less control over the money supply. Changing the exchange rate system in 1999 shifted to an inflation target approach. Despite efforts, the new policy didn't fully meet the inflation target or stabilize the economy for sustained growth.