Fixed Exchange Rates Broadly writing, a fixed exchange rate refers to any situation where a monetary authority announces the exchange rate of its currency and is committed to support it. The monetary authority determines the parity of the currency. Fixed exchange rates began with the gold standard and developed into the Bretton Woods system. A Comparative Analysis Of The Impact Of The Fixed And Flexible Exchange Rate Systems On The www.iosrjournals.org 75 | Page The result of this has been that, over the years, we have had a persistent balance of payments problem. This paper compares different nominal anchors in the case of a fixed exchange rate regime for the future single regional currency of the Economic Community of the West African States (ECOWAS).