This is EXACTLY what argentina did before the 2001 crash, by pegging ARS to USD @ 1:1. The problem is you lose the ability to set monetary policy because you ca

This is EXACTLY what argentina did before the 2001 crash, by pegging ARS to USD @ 1:1. The problem is you lose the ability to set monetary policy because you can't set interest rates nor loan money via a central bank, when you don't own the currency.