The criteria of the theory of optimum currency areas suggest that many (most?) countries are not good candidates for either of the poles of genuinely fixed exchange rates or freely floating exchange rates. Thus many countries should have an interest in intermediate exchange rate regimes....

Optimum currency area : currency area composition and exchange-rate regimes-theory and evidence reconciled -- Measuring the sacrifice ratio : some international evidence / with Kai Leitemo -- Regional labor market adjustment in Norway