This last point was in recognition of the fact that real exchange rates tend to rise during a disinflationary process, leading to a deteriorating current account which in turn undermines the credibility of the fixed rate regime. Since the onset of the Brazilian crisis, we have been hearing an increasing number of references to the desirability of imposing a currency board in Brazil.
Going even further down this path, the Argentinians, who already have a currency board, have hinted at dollarising the economy if the Argentine peso comes under further attack.