Argentina has been here before, in practice: https://en.wikipedia.org/wiki/Convertibility_plan https://en.wikipedia.org/wiki/Convertibility_plan It lasted abou

Argentina has been here before, in practice: https://en.wikipedia.org/wiki/Convertibility_plan https://en.wikipedia.org/wiki/Convertibility_plan It lasted about 10 years and was eventually abandoned. TLDR: "Simply put, the dollar peg overvalued the peso in the rest of the world, especially against a weak euro and the Brazilian real, reducing Argentina's competitiveness and compounding the account deficit."