Georgetown Americas Institute

The hardest part of the stabilization plan has already been done—a major fiscal adjustment. It would be a sin not to capitalize on the enormous sacrifice that has been asked of citizens. However, the fiscal adjustment, which is the basis of the zero fiscal deficit-zero money printing mantra, is a necessary but not sufficient condition to anchor and align market expectations with government policy objectives. To achieve this, it is necessary to complement the zero fiscal deficit-zero money printing commitment with a comprehensive stabilization plan.