The experiences of fixed exchange rate systems and targetzone arrangements have not been entirely satisfactory. a. What

Question:

The experiences of fixed systems and targetzone arrangements have not been entirely satisfactory.
a. What lessons can economists draw from the breakdown of the Bretton Woods system?
b. What lessons can economists draw from the experiences of the European Monetary System?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...