During the negotiations Baffi advocated a system with a broad fluctuation band of 6 or 8 per cent about the central parity for all the participant countries. This idea was not disagreeable to the Bundesbank, which feared an inflexible exchange rate with partners marked by high inflation and low credibility.
Baffi was well aware of the risks of a constraint associated with an exchange rate parity unrelated to the performance of the fundamentals of the economy.