The article discusses how Argentina's use of a currency board system led to economic problems. The system, called convertibility, tied the Argentine peso to the U.S. dollar, which made exports expensive and hurt the economy. The system was not a true currency board, as it allowed the central bank more flexibility than a typical currency board. The authors argue that the overvalued peso and inflexible system caused the country's crisis. They suggest reforms like devaluing the peso and allowing the exchange rate to float freely to improve the economy.