The exchange-rate system established at Bretton Woods -- usually called par-value or the adjustable-peg system -- was intended to combine a fixity of the par-value of each member's currency in the short-run with a flexibility of the parity in the longer-run. That is, the member was expected to maintain the spot exchange rate within 1% on either side of the parity and to alter the par-value only where its officials could demonstrate to the Fund that a state of "fundamental disequilibrium" existed. Because of this emphasis upon the fixity of spot rates and of the parity in the short-run, the Fund's par-value can be regarded as a variant of fixed exchange rates.