These countries are being exhorted to adopt exchange rate regimes at the ends of the spectrum - either a pure free floating rate, or a strongly fixed rate (preferably with institutional backing in the form of a currency union or even dollarisation).
One argument with superficial attractiveness is that the old regimes failed these countries, and therefore something else - preferably very different from the old regime - will solve the problem. A principal purpose of this paper is to argue that the appropriate regime will differ between countries and perhaps also over time - there are no simple rules and no easy solutions.