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Edwin J. Feulner: Thank you for being here. This is the eighth Margaret Thatcher lecture at The Heritage Foundation. Our previous distinguished speakers have included former Australian Prime Minister John Howard, human rights champion and Soviet dissident Natan Sharansky, and leading free-market economist Hernando de Soto. The purpose of the lecture series is to advance the principles of freedom and liberty so greatly cherished by our patron, Lady Thatcher.

Central banks’ intervention in foreign exchange markets has long gone out of fashion. But, perhaps it’s time to dust off this tool in the central bank shed.

Thirty-five years after former U.S. Federal Reserve Chair Paul Volcker left office (and nearly three years after his death), the mere mention of his name still gives shivers to Latin Americans who remember the economic devastation caused by his battle against runaway inflation in the 1980s. With U.S. inflation near a 40-year high, at 8.3 percent in August, Fed Chair Jerome Powell recently signaled policymakers' commitment to hiking interest rates further, prompting many to wonder if Latin America is adequately protected against the collateral economic damage of another “Volcker Moment.”

Ernesto Talvi explains why rising US interest rates will not cause another “lost decade” for the region.

Barry Eichengreen recalls why the UK crashed out of the incipient eurozone 30 years ago – and shows why it still matters today.