Fixed vs Pegged Rates

So we need to make a distinction between fixed rates and pegged rates.
A fixed rate contains an adjustment mechanism and this has two implications: (1) it can be permanent; and (2) it is not consistent with monetary independence.
A pegged rate can does not contain an adjustment mechanism and this means (1) it cannot be permanent; (2) it is consistent with monetary independence.

So we need to make a distinction between fixed rates and pegged rates.