But during that time period people (wisely) saw that currency controls were still on the table in the future, and acted as such. The fact that they the controls

But during that time period people (wisely) saw that currency controls were still on the table in the future, and acted as such. The fact that they the controls are expected to return has a chilling effect. When you remove currency controls you need to convince the public that in fact they controls are gone for good and never coming back. Such a thing was done in my home country in the mid 80s, and we have had a much more stable currency and economy since.