Exchange rate flexibility and fixity are relative terms. Choices of exchange rate regime range from (1) commitment to a fixed rate, such as that implied by currency union or a currency board;17 (2) pegged but adjustable rates, where different frequencies of adjustment are possible; (3) a managed float; and (4) a freely floating rate. In practice, as discussed in Section IV, the exchange rate regimes of the Eastern European countries have generally fallen into categories (2) and (3).