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An international monetary system of fixed nominal rates is at one and the same time very simple and very complex. Such a system is rudimentary in that all participants simply agree to a set of stable values of their currencies. The prime example of a fixed-rate system is the classical gold standard, which was a pillar of the world economy from about 1870 until 1914. That such a system is complex in many ways is indicated by the abject failure of continued attempts to reestablish the gold standard during the interwar years, and by the involved and extended negotiations over a limited fixed-rate system among the members of the European Community since 1973.
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