ring the Swiss National Bank to redeem banknotes in gold or gold exchange. The latter provision introduced the gold-exchange standard rather than the gold standard (Crettol & Halbeisen, 1999, p. 12).
During the currency instability of the 1930s, the Swiss National Bank considered the gold standard to be a type of safety net. When the United States abandoned the gold standard in 1931, Switzerland joined gold bloc and campaigned on an international level for the United Kingdom and the United States to once again peg their currencies to gold (Crettol & Halbeisen, 1999, p. 13).
The industrial countries have employed two general types of international monetary rate change systems since the end of the Second World WarCfixed-rate systems and flexible-rate systems. A fixed-rate exchange sy
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