Adjustable peg regimes such as the Bretton Woods system and the European Monetary System (EMS)?
The Bretton Woods adjustable peg was in some respects similar to the gold standard contingent rule, but it invited speculative attack hence weakening the escape clause.
25) The Bretton Woods regime cannot be characterized as a fixed exchange rate regime throughout its history: The preconvertibility period was close to the adjustable peg envisioned by its architects, and the convertible period was close to a de facto fixed dollar standard.
18) Even more immediate is the move to convert the adjustable peg of the EMS to a unified currency area with irrevocably fixed exchange rates.
But because of the adjustable peg, it had the option to change parities.
Like Bretton Woods, it is an adjustable peg system.
Also, just as under Bretton Woods, the adjustable peg in the face of such capital mobility became unworkable.
19)I also examined the period (1946--73) which includes the three years of transition from the Bretton Woods adjustable peg to the present floating regime.
To prevent these ills, the case for an adjustable peg system was made by Keynes, White, Nurkse and others.
Both Keynes, leading the British negotiating team at Bretton Woods, and White, leading the American team at Bretton Woods, planned an adjustable peg system to be coordinated by an international monetary agency.
Another important source of strain on the system was the unworkability of the adjustable peg under increasing capital mobility.
The exchange rate mechanism of the EMS was designed as an adjustable peg exchange rate system, but its architects hoped to avoid the problems that plagued Bretton Woods.