The Argentine economic crisis was caused by the undesirable confluence of several economic events: a hard currency peg, currency overvaluation, economic rigidities, inappropriate fiscal policy, external shocks, large scale foreign currency borrowing followed by a sudden stop in capital inflows and enduring IMF support played an important role in the course of the crisis. This, together with the political and social turmoil that accompanied the events, made the Argentine crisis one of the most severe emerging market crises in history. As world economic growth in the early 2000s was strong and Argentine producers benefitted from the strong depreciation of the currency, the Argentine economy was able to recover rather quickly. Profound reforms were therefore not implemented.