Economic history of Argentina reforms such as open trade. On 1 January 1992, a monetary reform replaced the austral with the peso at a rate of 10,000 australs for 1 peso. The cornerstone of the reform process was a currency board, under which the peso was fixed by law at par to the dollar, and the money supply restricted to the level of hard-currency reserves. A risky policy which meant at a later stage Argentina could not devalue. After a lag, inflation was tamed. With risk of devaluation apparently removed, capital poured in from abroad. GDP growth increased significantly and total employment rose steadily
Currency War of 2009–11 the currency war had ended – governments of emerging economies were increasingly deciding to accept currency appreciation so as to mitigate rising food prices, one of the causes behind civil discontent driving the Arab Spring. In April, the "Financial Times" joined Bloomberg in reporting that the currency war was beginning to fizzle out, again suggesting a key reason was the trend for emerging economies to allow currency appreciation as a means to offset inflation. Although Brazil is one of the emerging countries that has recently abandoned intervening against appreciation, her finance minister Guido Mantega disagreed with suggestions that the 'currency