Overview
- The economist argues Argentina is stuck on a roughly 1.9%–2% monthly inflation plateau that should not be described as victory over inflation.
- He says recent disinflation stemmed from adjustment and recession rather than durable monetization that restores credit and purchasing power.
- Melconian criticizes the portrayal of a fully liberalized dollar market, saying it will be free only when the government buys to demonstrate market freedom.
- He prescribes desindexation, a gradual path toward currency liberalization, and clear reserve‑accumulation rules as the backbone of a credible stabilization plan.
- In a parallel assessment, Miguel Kiguel praises the early disinflation but expects readings above 2% in the near term, questions the band’s ceiling, and stresses the need to build reserves to lower country risk.