The success of the gold standard was due, among other things, to the broad consensus on metallism and the classical model; one of the latter’s key features is the self-adjusting ability of the economy. The restoration rule, which required the gold parity to be re-established after a period of suspension due to exceptional circumstances, was an essential part of the gold standard.
Short suspensions of convertibility made it possible to overcome temporary difficulties. The system allowed discretion to be  1  BIS Review 110/2000  exercised only within very rigid limits. Gold acted as an anchor both for the monetary system and for the economic system by making maintenance of the parity a constraint on economic policy.