Economic history of Argentina assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market. After the relatively stable years of 1976 to 1978, fiscal deficits started
Khaleeji (currency) union in 2001 and 2003. The terms of what would be called the "GCC Monetary Agreement" followed shortly after that, with the convergence criteria of the single currency being decided in 2005. Oman became the first state to pull out of the union, in 2006, and the UAE, in 2009, the second and so far last state to withdraw from this tentative agreement to create a single Gulf currency. Originally slated for adoption in 2010, Nasser al-Kaud, deputy assistant general for economic affairs at the GCC, admitted on March 24, 2009, that this deadline for establishment of the monetary union