The ERM departures of 1992 and the Asian currency crises of 1997 fit neatly into this pattern. But other countries with fixed exchange rates have been successful in avoiding depreciation. For example, France maintained its peg in 1992 and Hong Kong has done so for the past 13 years, despite the turmoil in its region.
As well, some countries with floating exchange rates have experienced currency crises. All that can be concluded at this stage is that a fixed exchange rate is more likely to result in a currency crisis than a floating one. It is more “brittle” - it allows speculators to build a position without turning the price against themselves.