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 best-known pegged exchange rate arrangement that was established by several European countries in April 1972 is called the snake agreement. This agreement aimed to stabilize exchange rates among participating countries and limit fluctuations in currency values to a maximum of 2.25%. However, the snake agreement proved difficult to maintain due to various economic and political challenges, and it eventually collapsed in 1973.

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