Venezuelans have endured too many challenges for too long. They suffered under the authoritarian regime of Hugo Chavez and the brutality of his successor, Nicolás Maduro, who left Venezuela in political and economic ruin. After Maduro was deposed in a U.S. raid, two earthquakes killed thousands. Emerging from these crises will require time, money and dedication.
The country will recover. Talks between the interim government and the opposition about a democratic transition of power are beginning. Given its vast mineral and energy resources, Venezuela can still reclaim its place as Latin America’s wealthiest nation. But one critical policy change can accelerate the return to political stability and economic growth: adopting the U.S. dollar as the country’s official currency, a process known as dollarization. The Trump administration should encourage Venezuela to make the transition.