The article discusses different exchange-rate systems and policies that countries can choose from. Countries need to decide whether to let their currency float or peg it to another currency. If they choose to float, they must decide if it will float independently, in a group, or crawl based on certain indicators like inflation. If they opt for a pegged currency, they must choose between pegging to a single foreign currency or a basket of currencies. The choice of currency or basket can impact the country's trading partners.