Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.

There is always the potential for a central bank to engage in discretionary monetary policy and to break the one-to-one link between changes in foreign reserves and changes in the money supply.

Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.

Steve Hanke Quotes