The article compares fixed and floating exchange rate systems in different countries. It finds that the differences between the two systems have become smaller over time. Both types of systems can be effective in controlling inflation. The stability of exchange rates is influenced by various policy choices, not just the exchange rate regime. The choice of regime does not have a clear impact on a country's overall economic performance. Exchange rate stability is often a result of other policy decisions made by central banks, governments, and international institutions.