28. Mexico's use of a fixed exchange rate, and its contributions to the peso crisis, dampened any enthusiasm, particularly among the North American G-7 members, of returning to a regime of fixed exchange rates or even one involving greater fixity (such as those involving targets and indicators). The previous failure of many European countries to hold the highly fixed exchange rates specified in the ERM, and their failure to move easily toward the Maastrict policy convergence criteria required for full EMU, made many European G-7 members reluctant to embrace a more fixed and managed exchange rate system globally.

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