Suppose you are hired as a member of the council of economic advisers to a government in a small open economy. This economy has been maintaining the flexible exchange rate regime successfully, maintaining the stable price level. However, there has also been a debate within the country whether or not it should adopt a fixed exchange rate regime.

If you are asked to provide your opinions, ideas, and recommendationswhat would you say? Especially, as a new comer to this country and a new member of the council, what more information would you want to know to provide sensible recommendations?