They had a peg and moved off when then temptation grew too great. I think they've done that a couple of times. This is the tricky part of this by the way. Fo

They had a peg and moved off when then temptation grew too great. I think they've done that a couple of times. This is the tricky part of this by the way. For a sovereign state any preventative action is always the equivalent of me hiding the keys to the liquor cabinet from myself so I can quit drinking. In countries that make it work it's a tricky balance of political incentives and traditions but even there when the temptations are great - see the U.S. where any politcal imperative or norms for a sensible budget are outweighed by the temptations that seigniorage brings with it.