Javier Milei, the President of Argentina, has announced a bold “monetary regime change” to achieve economic stability. With the approval of Ley de Bases and a substantial fiscal package, Milei is ushering in a new phase of governance focused on transformational reforms.
The Ley de Bases signifies the end of the first phase of Milei’s administration and is five times larger than the reforms implemented by former President Menem. Under the Decree of Necessity and Urgency (DNU), Argentina has embarked on 800 structural reforms aimed at improving economic freedom substantially.
Milei’s vision is to elevate Argentina to the status of countries like Germany, France, and Italy, potentially quadrupling per capita GDP. The government has successfully achieved a zero deficit and is now targeting zero monetary emissions by drastically reducing remunerated liabilities.
Furthermore, the economic reforms under Milei’s leadership have spurred a rebound in the economy, driving up money demand and expanding the simple monetary base. The appointment of former BCRA President Federico Sturzenegger to oversee structural reforms underscores the administration’s commitment to enhancing economic freedom and growth.
Through initiatives like the “Ley de Hojarascas” and reducing the PAIS tax, Milei’s administration is poised to propel Argentina towards stability and prosperity, with a comprehensive approach to economic recovery and growth.