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The article questions the previous explanations of the economic policy of the German Empire. On the basis of the divergence in the regulatory regimes of central banks and stock credit banks, it can be shown that the regulation of the financial markets hardly followed a coherent regulatory policy course, but was at best committed to the establishment of a solid money market. This corresponded less to the image of an »intervention state« than to the function of the state as an institutional guarantor of capitalist economic activity.

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Este artigo examina a política bancária e financeira conduzida por Delfim Netto de 1967 a 1973, a qual se revestiu de características específicas. São examinadas as pronunciadas tendências à concentração no segmento dos bancos comerciais privados e a sua expansão para outras faixas de operação, formando conglomerados financeiros e, assim, alterando profundamente a estrutura projetada originalmente pela reforma de 1964. Ambos os processos estiveram vinculados à orientação particular da política econômica a partir de 1967, cujo sentido maior encontrou expressão na tentativa de implementar, no governo Médici, um projeto de conglomerado integrando banco e indústria, visando a consolidar um segmento de grandes empresas privadas nacionais. O artigo sistematiza evidência disponível acerca desse projeto estratégico - um capítulo importante da política econômica durante uma fase do regime militar.This article discusses the banking policy led by Delfim Netto from 1967 trough 1973, which had special features. It is examined the tendency to banking concentration, very intense in those years, as well as the acute centralization process which led to the constitution of financial conglomerates, thus transforming the financial structure in a way not foreseen by the banking and financial reforms of 1964. Both processes reflected the new course of economic policy since 1967, having as its major objective to induce the formation of a new form of private capitalist organization - the conglomerate, integrating banking and industry -, which would led to the consolidation of a segment of big national private firms. The article seeks to collect the available evidence about that strategic project developed during a phase of the military regime.