But though the central bank has had to spend nearly 10% of Colombia's reserves, and lift inter-bank rates to 80%, to prop up the peso, the big issue seems to be corruption.
We should also enact the long-delayed Andean Trade Preference Act, which would substantially reduce barriers to Colombian exports, such as cut flowers, to the U.S. We should spare Colombia the untender mercies of the International Monetary Fund and, instead, urge the country to stabilize its peso and slash taxes.