In recent years, the crawling-peg formula has been used by developing nations
facing rapid and persistent inflation. However, the IMF has generally contended that
such a system would not be in the best interests of nations such as the United States
or Germany, which bear the responsibility for international currency levels. The IMF
has felt that it would be hard to apply such a system to the industrialized nations,
whose currencies serve as a source of international liquidity. Although even the most
ardent proponents of the crawling peg admit that the time for its widespread adoption
has not yet come, the debate over its potential merits is bound to continue.