In order to counteract slow growth, El Salvador must develop an array of economic policies alongside a choice of currency regime.
Indeed, Brazil's currency regime may have made much-needed fiscal adjustment harder: now that Brazilians have conquered inflation, they are loth to push through painful budgetary reforms.
The Egyptian pound hit a new low on Sunday of about 6.30 to the US dollar in unofficial trading after the central bank introduced a new currency regime, dealers told Reuters.
The currency regime that would succeed it would mean the re-emergence of the mark as the Continent's dominant currency and rule by the German Bundesbank, which is even less accountable to Europe's public than the European Central Bank.
Under a strict currency-board regime, interest rates adjust automatically.
It is understood that both Germany's Lufthansa national airline and Austrian Airlines are paying the Belgrade regime hard currency in exchange for taking over JAT's trade on some air routes.
The structure of the currency and monetary instruments declaration regime, hinges on the existence of a physical object.
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Under such a regime no local currency would be issued unless it had 100% backing from hard currency reserves, such as the dollar or the euro.
She also introduced a floating exchange rate regime and lifted controls on currency trading.
"I've made it very clear that there are real potential benefits of membership of the euro, particularly for manufacturing industry in terms of things like currency stability, transparency of costs and simplification of the trading regime, " she said.
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