Which of the following is not seen as an advantage of the

1. For a given stock of gold, a rise in real money supply can only occur if the price level declines.
2. Inflation is unlikely to emerge as a significant problem.
3. No country needs to serve at the centre of this fixed exchange rate system.
4. The monetary mechanism has credibility.

For a given stock of gold, a rise in real money supply can only occur if the price level declines.