What is the best pension reform for Brazil?

In about a month, the Brazilian Congress will enter its mid-year recess. From July 17 to August 1, members of both congressional houses are set to leave Brasilia and return to their constituencies. Over the course of this past week, I was asked an interesting question: whether there is any possibility lawmakers would forego their break to vote on important bills. Such a move would certainly be welcomed by financial markets—as it would speed up the approval process of the pension reform.

Legally, it is possible. The Constitution allows for Congress to be called into work in cases of urgency or relevant public interest, always with the support of the majority of each congressional chamber. Only the President, House Speaker, or Senate President can make this call. The last time it happened, however, was in 2006.

I don’t believe lawmakers would cancel their vacation. Firstly, because getting a majority in both chambers has proven to be a difficult ordeal. Secondly, foregoing the recess is not in the political class’ best interests. Members of Congress use this...