Currency board

Countries often keep exchange rates within a narrow band by regulating balance of payments through various capital controls, or though international agreements, among other methods.

Typically, currency boards have advantages for small, open economies which would find independent monetary policy difficult to sustain.

To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders.

They argue that Argentina's monetary system was an inconsistent mixture of currency board and central banking elements.

[4] It is also thought that the misunderstanding of the workings of the system by economists and policymakers contributed to the Argentine government's decision to devalue the peso in January 2002.

Worldwide use of the U.S. dollar and the euro :
United States
External adopters of the US dollar
Currencies pegged to the US dollar
Currencies pegged to the US dollar w/ narrow band
Eurozone
External adopters of the euro
Currencies pegged to the euro
Currencies pegged to the euro w/ narrow band
Note that the Belarusian ruble is pegged to the Euro, Russian rouble and U.S. Dollar in a currency basket .
Worldwide official use of foreign currency or pegs .
United States dollar users, including the United States
Currencies pegged to the United States dollar
Euro users, including the Eurozone
Currencies pegged to the euro

Australian dollar users, including Australia
Indian rupee users and pegs, including India
New Zealand dollar users, including New Zealand
Pound sterling users and pegs, including the United Kingdom
Russian ruble users, including Russia
South African rand users ( CMA , including South Africa)

Three cases of a country using or pegging the currency of a neighbor