A quarter of a century after Argentina’s 2001 crisis settled the fixed-versus-floating debate in favor of flexibility, the Latin American evidence is less favorable than the consensus assumed. Flexible exchange rates helped bring inflation down, but the region’s major floaters gained little monetary independence and experienced substantial real exchange-rate and interest-rate volatility and slower growth. This paper proposes an Americas Monetary Accord (AMA), a voluntary treaty that would give this reality an institutional framework without a single currency or a supranational central bank. Members could retain their national currency at a fixed parity to the dollar or adopt the dollar officially, with additional incentives for the latter. The Accord would include a regionally funded emergency liquidity facility, an escape clause releasing members from their obligations if U.S. inflation remained high for a sustained period, and the right to withdraw if a member became the target of U.S. financial sanctions.