Buenos Aires, March 1, 2016: Argentine President Mauricio Macri outside Congress shortly before presenting his administration’s plans to address the country’s economic difficulties (source: dpa)

Argentina’s new government makes an ambitious start

President Mauricio Macri of Argentina, who was elected last October, has quickly set out to show how much his administration differs from that of his predecessor, Cristina Fernandez de Kirchner. Much of the attention has focused on its determination to end the country’s complex set of price controls, subsidies and exchange rate restrictions. But his most significant maneuvers have been aimed at ending the country’s semi-isolation from the international community.

Mr. Macri’s first moves have been executive actions that do not require congressional approval. He ended the dual exchange rate (one “official” and the other “illegal” and market-driven), allowing the peso to float freely. T...

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Dr. Joseph S. Tulchin
To counter the inflationary pressure, Mr. Macri announced that his government would take a gradualist approach, bringing down the fiscal deficit in stages and seeking to curb inflation over a period of three years
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