The Credibility Theory of the EMS Implies in Effect That

The credibility theory of the EMS implies in effect that the political costs of violating international exchange rate agreements

A) cannot restrain governments from depreciating their currency.
B) can restrain governments from depreciating their currency.
C) cannot restrain governments from depreciating their currency in the short run.
D) cannot restrain governments from depreciating their currency in the long run.
E) can control the political policies of member nations.