Argentina's new president Milei: From dollarization to climate change

World 12:19 09.12.2023

Argentina is preparing to inaugurate its President-elect Javier Milei on December 10 and face all the changes he announced in order to pull the national economy out of the deep crisis. Among the urgent economic measures that Milei promoted during his campaign, the liquidation of the Central Bank of Argentina and the elimination of monetary emissions stand out, as he considers this to be the main reason why inflation in the country soared 142.7%. Another controversial economic move proposed by Milei is the dollarization, or imposing the US dollar as the official currency instead of the Argentinian peso. The president-elect also announced severe federal spending cuts, and as a result, the number of ministries is expected to be reduced from 18 to 8.

Milei's approach to climate change is considered conservative, which is why he is compared to former US President Donald Trump or Brazil's Jair Bolsonaro. In particular, the Argentinean claims that climate change is an invention of socialism and that humans have had no influence on global warming. Trump even said he was proud of Milei after his triumph in Argentina.

However, financial markets reacted with optimism to Milei's victory. Argentina's S&P Merval stock index rose more than 20% in the days following the election and has been on an upward trend since then.
 

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