The most extreme form of an exchange rate peg is a

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A currency board is the most extreme form of an exchange rate peg because it completely eliminates the central bank's ability to adjust its monetary policy in response to economic shocks. Under a currency board, a country's currency is fully backed by foreign reserves, and the monetary authority can only issue new domestic currency when it has an equivalent amount of foreign currency reserves. This means that the exchange rate is fixed with no room for fluctuations, making it the strongest form of pegging.

The Most Extreme Form of an Exchange Rate Peg Is