A clear lesson from the crisis is that under a fixed exchange rate system, it is very difficult for governments to de-peg the currency, particularly when there is a need to devalue the currency. Protection of the value of the currency is normally regarded as an important symbol of national pride. Also, during the time when the currency is under attack, governments normally regard a devaluation as a capitulation to the speculators, and will therefore tend to be even more stubborn in defending the currency.