After the crisis, a review done by the IMF suggested that bipolar prescription could be a
better exchange rate choice to implement. Bipolar prescription is the idea that simple pegs were
too prone to crisis, and that countries should instead adopt either hard pegs or a free floating
system. Therefore, the exchange rate value is either pegged to another currency or purely
determined by the market mechanism without government intervention (Ghosh and Ostry, 2009).
However, even this prescription was changed several years later when the collapse of Argentina’s
currency board once again muddled the world’s opinion on the presumably most optimal exchange
rate regime.