The exchange rate and capital flow regimes are probably the core elements of the adjustment mechanism, since they define the degree of flexibility of each IMS, i.e. its adaptability to changing economic circumstances.
In contrast to the Bretton Woods system with fixed exchanges rates, semi-closed capital accounts and a strict adjustment mechanism, an IMS such as the present one enjoys a much higher degree of adaptability. Each country is free to choose its exchange rate and capital account regime, and the reserve-issuing countries face no IMS-embedded limits to the creation of global liquidity.