Abstract
Water policy in Brazil has delivered few positive outcomes in terms of the sustainable use of water resources, in spite of real progress in the consolidation of a democratic water governance system over the past decades. There are many reasons for this, most of them related to unsuccessful attempts to consolidate integrated water resources management practices. Water managers have a critical decision to make in the next years: to strengthen the existing decentralized and participatory water governance system, using innovative approaches to promote integrated water resources management; or to replace it with another, more centralized institutional model focusing on state actors.