DEV Centre WP 218: Float in Order to Fix? Lessons from Emerging Markets for EU Accession Countries
"Argentina, Chile and Mexico, Spain and Portugal: même combat! Having established macroeconomic discipline, structural reform and democracy at home, their governments would like to set these achievements in stone by joining a rich-country club. With an inflationary history at their back, the authorities will then be tempted to reach out for a most visible stabilisation commitment: they will fix, peg or at least shadow their currency to an anchor currency."
Long abstract
