Farmers in the developed countries do not want to have to compete with imports from poor countries. The poorest countries lose out on the chance to sell in the markets with the highest prices for their products. The currency will go into effect next year. The move met fierce opposition from legislators from a party of former leftist rebels of the Farabundo Marti National Liberation Front, or FMLN, who argued that the people should have the right to vote on it. But many people said if given the option, they would do the same.
Governments enjoy the seignorage of spending the money they print.
Latin American governments have enjoyed it too much and the historical result has been high and erratic inflation. Zero inflation should be the main if not only goal of government economic policy. Expect El Salvador to enter an era of sustained economic growth. In a compromise, APEC leaders agreed that an agenda addressing the interests of developing nations should be drawn up before trade talks begin. The answer is that there is too much to gain from free trade.