In recent years, weakness in the European economy has meant that there have been few real benefits to SA despite major rand depreciation against the Euro. 4 As with the United States, we appear to be witnessing a seachange in European policy – although this could not possibly be described as normalisation.
As a response to the severe recession in the wake of the emerging market crises in 1997-98, the possibility of an official dollarisation of the Argentine economy has been discussed intensively in both political and academic circles.