Argentina's President Pursues Full Dollarization and Central Bank Abolition

Javier Milei, inaugurated December 10, 2023, is executing the most structurally radical economic overhaul in Argentine history. His agenda centers on replacing the peso with the U.S. dollar and dismantling the central bank—measures designed to end monetary financing of deficits that have fueled 140-percent inflation. The stakes extend beyond Argentina: success would reshape Latin America's risk calculus; failure under dollarization would force adjustment through internal deflation rather than currency devaluation, with sharper social consequences.