Once again, I should emphasise that, given widely different economies of the world that we are talking about, there is no global consensus as such or unity of views. However, at present, as I see it, there is certainly a “dominant” view of what is right and appropriate, which is increasingly commanding international acceptance.
Thus, on the question of the appropriate exchange rate regime, a fixed exchange rate regime (even with a Currency Board) is clearly out of favour. The Brazilian and Argentinian crisis, after the Asian crisis, came as a rude shock. Even strong Currency Board type arrangements of a fixed peg vis-à-vis dollar were found to be unviable.