Tuesday, April 3, 2007

Ecuador: Econ plan to undo “failure” of the dollar

Ecuadorian president Rafael Correa presented major economic policy changes which he claimed are in response to the “failure” of pegging the country’s currency to the U.S. dollar. “Since we don't have monetary policy, we have to rely on a combination of other measures” said Correa yesterday when he announced that the government will boost spending on oil production and make social investment a top priority.

Links- Bloomberg, Prensa Latina

Image- AOL

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