A completely fixed exchange rate rules out monetary-policy initiative, and consequently makes adjustment to large external imbalances very difficult to carry out. And the burden is unequal, because there is much more pressure on deficit countries to adjust via deflation than on creditor countries to allow higher inflation.
批评历史金本位的出发点在于塑造信心的制度性力量。完全固定的汇率排除了货币政策的作用，从而导致大规模外部失衡极难消除。而由此带来的负担并不是均匀的，因为赤字国面临着更大的通过通缩调整的压力，相比之下，债权国不得不承受通胀的压力要小一些。