Former Ecuadorian President Jamil Mahuad was in Córdoba speaking about dollarization on the occasion of the 48th anniversary of Fundación Mediterránea.
He was introduced by former Minister of Economy, honorary president of Mediterránea, and one of the founders of Ieral, Domingo Felipe Cavallo.
The luncheon, held at the Holiday Inn hotel, began with the opening speech by the president of the Foundation, María Pía Astori.
Mahuad had a brief period as Ecuador's head of state (August 10, 1998 to January 21, 2000) since he was overthrown by a coup d'état. Nevertheless, he was the architect of dollarization that led his country out of a deep crisis.
The Harvard professor also recalled the help he received from Cavallo and his team before making the decision.
He also explained that for a government to take such a measure, there must be three solid "legs": "that it is technically possible; that people accept it, and that politics achieves agreements."
Mahuad also recounted that a prominent IMF figure such as Stanley Fischer told him: "At the time, we opposed dollarization, but I recognize that it was the right treatment, in the right place, and at the right time."
He also recalled that the measure to dollarize Ecuador's economy, taken in January 2000 in the face of a huge crisis and high inflation, "was very unpopular."
