And those implications would potentially be more significant if we were to form a currency union with the United States than if we were to form a currency union with Australia, given the broad similarity between the New Zealand and Australian economies.
There seems little doubt that the fact that Argentina has had a more prolonged recession over the last few years than have some of the other major countries of Latin America has been largely a result of the fact that Argentina has been tightly tied to the United States dollar through its currency board arrangement.