When I agreed to discuss this paper, I thought I was signing on to rebut arguments for greater fixity among major exchange rates, such as target zones. But when the draft arrived, I found instead an intelligently argued paper taking eminently reasonable positions—including “doubt on the effectiveness of arrangements based on numerical targets for exchange rates, such as target zones.” I will, therefore, say no more about target zones. Instead, I would like to take some time to question the premise that greater constancy in nominal exchange rates is something desirable per se, wholly apart from any practical difficulties in achieving it. Then I will turn my attention to the authors’ major concerns and policy recommendations.