Pegging the peso to the dollar one-to-one eventually bankrupted Argentina

From 1991, Argentina's Convertibility Plan fixed the peso at exactly one US dollar to kill hyperinflation — and it worked, for a decade. But the fixed rate also stripped Argentina of control over its own monetary policy, and by 2001 the strain of unpayable debt and an overvalued currency triggered bank runs, frozen deposits, and default. The president fled the palace by helicopter as riots spread.

— Standard economic accounts, Convertibility plan — Plan adopted 1991; collapsed December 2001