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Aucune dévaluation n'est réalisée excepté celle de la lire Italienne. Les pays se préparent à la libre circulation des capitaux et doivent alors se forcer à ne pas user de la dévaluation afin d'assurer la crédibilité de leurs taux de change (risque d'attaques spéculatives). Pour être inspirer confiance, ils doivent entre autres éviter les déséquilibres extérieurs, maintenir les parités et éviter l'inflation. Cela impliquait souvent des politiques de rigueur (taux d'intérêt élevés).
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