Second, in a world of intensifying global trade, of very rapid development of emerging economies, and of the creation of a global financial system, we must make our economy more flexible so that it is capable of adapting rapidly to the major economic changes that globalisation is fostering.
Interest rate convergence would then be a by-product of fixing our currency to the US dollar, and, the more credible the exchange rate peg, the more closely our interest rates would shadow those in the United States. That was how interest rate convergence was achieved within Europe, though the same process is proving extremely difficult in Argentina.