•  That shift turned out to be difficult for various elements:  2  –  Those, mainly in the business community, who had become accustomed to a policy of a fixed exchange rate (thus, for example, the transition from a horizontal to a crawling band at the end of 1991 was still being justified by the need to give economic agents engaged in international trade greater long-term certainty regarding the development of the exchange rate-a commitment that could not be met, as has been proved innumerable times in the history of exchange-rate bands).
–  Those in the policy-making community who still believed in the exchange rate as a nominal anchor: they continued to vigorously oppose each stage of the relaxation of exchange-rate controls.