2  The data in this paper differ somewhat from those in Fischer (2001), because in the former the exchange rate regimes as of each year relate to countries that were members of the Fund in that particular year, whereas in this paper the data for each year are those for countries that were Fund members in 2006.
2  BIS Review 141/2007  1999 were due to the introduction of the Euro and the emerging market financial crises of that decade. Nothing on a similar scale has happened in this decade, although the number of countries in EMU continues to grow, albeit slowly.