I’m back in Argentina, the South American country with the world’s best leader.
What Javier Milei has accomplished is amazing. And the economic effects have been wonderful.
One of my meetings earlier this week was with Marcelo Elizondo, the head of the International Chamber of Commerce for Argentina.
He shared a presentation with me that is a very useful summary of what’s happening and what still needs to be done.
Here are a few of his slides, beginning with a summary of the grim situation that Milei inherited.
And here’s his synopsis of Milei’s initial agenda.
What’s been accomplished, of course, has been remarkable.
He also had a slide explaining that this year has largely been about consolidating progress (the legislature is still controlled by the left and additional reforms are not easy).
Readers may be most interested in Marcelo’s look at what should – and hopefully will – happen in the next two years.
It’s quite similar to my list.
Needless to say, Milei’s ability to achieve the 2026/2027 goals will depend to varying degrees on what happens in the October midterm elections.
The folks I’ve talked to think Milei’s party is in good shape (and the polling data is quite positive), but who knows what will happen over the next couple of months.
I’ll close with a warning. The only significant worry I have is monetary policy.
While inflation has been dramatically reduced from where it was when Milei took office (more than 200 percent!), it’s still over 20 percent. Will it continue to decline?
More important, is the exchange rate policy stable? I have a nagging concern that the government is trying to keep the exchange rate in a certain band, but that the market might want something else.
And when governments try to fight the market, the market usually wins.
The bottom line is that genuinely bad economic news usually is caused by the wrong monetary policy (for instance, the Great Depression and the 2008 financial crisis). So my fingers are crossed that Milei and his team are getting that issue right.
———
Image credit: eliasbuty | Pixabay License.
Click this link for the original source of this article.
Author: Dan Mitchell
This content is courtesy of, and owned and copyrighted by, https://freedomandprosperity.org and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
