In Argentina, despite a notable recovery, several features of the current macroeconomic performance indicate that the economy is still heading towards a new long-term equilibrium. Neither in our history nor in the international experience is possible to find precedents for the 2001-2002 crisis.
Unlike the case of Brazil, Mexico or southeast Asia, the abandonment of the convertibility regime included simultaneously an institutional breakdown, a huge devaluation, the destruction of the financial system and the default on the public debt. In addition, the country has a long history of macroeconomic instability. Monetary regimes have unsuccessfully shifted from one extreme to the other.