Exchange Rate Regimes and Trade Stability

In a recent economic analysis, an economist examined the implications of different exchange rate regimes on international trade. The analysis focused on three key regimes: fixed exchange rates, floating exchange rates, and pegged exchange rates. The economist concluded that countries adopting certain regimes tend to experience different levels of trade volatility and inflation control.

Which of the following exchange rate regimes is most likely to provide the highest degree of currency stability, thereby potentially benefiting international trade by reducing currency risk?