An important objective of the Committee therefore is to promote credible, practical and flexible mechanisms to achieve effective policy implementation in a wide range of countries. The successful implementation of international policies requires processes and mechanisms that engage non-Committee supervisors, other sectors and the industry throughout the lifecycle of any initiative.
The long history of the exchange rate peg means that all agents in the economy make decisions based on its existence:  Page 4 of 8        Firms and households set wages knowing that a loss in competitiveness will not be offset by a depreciation of the exchange rate.