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Ecuador Government Says Dollarization Makes Economy ‘Vulnerable’

Ecuador’s Economic Policy Minister Katiuska King said the South American nation’s use of the U.S. dollar as its official currency makes the economy “vulnerable” to international economic crises.

Dollarization limits the government’s tools to offset declining remittances from immigrants in Europe and the U.S., King said today in an e-mailed statement. The government is revising strategies to “face and alleviate” the impacts of the global financial crisis on the nation’s economy, she said.