One of the best-known pegged exchange rate arrangements that was established by several European countries in April 1972 and was difficult to maintain is called the:

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The snake agreement was a pegged exchange rate arrangement established by several European countries in April 1972. It was difficult to maintain due to the economic pressures faced by the participating countries and eventually collapsed in the early 1980s. The European Monetary System (EMS) was established in 1979 as an attempt to create a more stable exchange rate system in Europe, and the Maastricht Treaty was signed in 1992 and established the framework for the creation of the European Union.

One of the Best-Known Pegged Exchange Rate Arrangements That Was