These two qualities determine the expectations of market participants. Confidence, credibility and expectation are three factors which seem to determine the international capital markets these days. Sound fundamentals are therefore part of the essential tools needed to meet the challenges posed by globalisation. With the establishment of the Currency Board Regime in 1991 Argentina opted for a very consistent market-oriented economic policy.
The salient features of the successful strategy were the statutory pegging of the peso to the US dollar at a rate of 1:1, deregulation, privatisation and the introduction of competition into economic life. Argentina has left the period of hyperinflation (1989: almost 5,000 %) far behind it.