This overview of the concrete steps taken by a number of countries in transition to greater exchange rate flexibility elaborates on the key operational ingredients in promoting successful and durable transitions. What worked - and why - in moving to more flexible exchange rates is of great interest as some reluctance to let go of pegged exchange rates persists despite the benefits of flexibility. The challenges of developing the institutional and operational requirements to support a floating exchange rate, as well as difficulties in assessing the right time and manner to exit, tend to be additional complicating factors in this reluctance. This volume attempts to provide a better understanding of how: operational ingredients are established and coordinated; implementation interacts with macro conditions; and, specific operational decisions contribute to the smoothness of the transition.