Brazil coach Mano Menezes insisted on Monday there was no need to panic after his side lost its Copa America quarterfinal shootout to Paraguay.

The media was scathing after a poor match ended goalless following extra-time and lambasted the auriverde for missing all four of their penalties.

"I know you live and die by results," said Menezes. "But these will come if we continue on the path we are on."

The Brazilian Football Confederation (CBF) will allow him to stay at the helm through to 2014, president Ricardo Teixeira said.

"There is not much time to cry over the Copa America elimination," said Teixeira, adding Brazil had been unlucky to crash out.

Teixeira said he had phoned Menezes to underline the "project to renew the Brazilian team with the principal objective - the 2014 World Cup - remains in place".

Menezes said the Paraguay game had to be forgotten.

"Of course if we keep raking over the four missed penalties that saw us go out then we will not talk about the game we played, which marked an evolution in the team and the squad," Menezes said.

Menezes insisted the team was on the right track to shine where he wants it to - at the 2014 World Cup it will host.

"The players are preparing to create the Brazil side which we all want. They are valued, respected and require respect at a most difficult moment.

"There can be criticism but it must be accompanied by respect and when that is lacking then we cannot reach the place where we need to be."