It is worth noting, also, that even hard fixes are subject to attack: it just takes a different form - a run on domestic banks which drives up interest rates. Quoted by Cooper (1999, p 9).
3  BIS Review 97/2000  •  nominal exchange rates are, unaccountably, closely correlated with real exchange rates;6  •  the switch from fixed to floating rates has produced much more variability (“an order of magnitude more”), even when fundamentals are not more variable (Flood and Rose 1999);  •  fundamentals cannot explain the behaviour of the exchange rate over a short/medium-term horizon;7  •  exchange rates have at times exhibited long-lived swings, with no apparent changes in fundamentals significant enough to justify them.