While the policies they pursued have clearly turned out to be unsustainable, the counter-factual - earlier introduction of floating exchange rates - might also have been a very bumpy ride.3 In short, it may be routine to refer to these as currency crises, but the exchange rate movements are symptomatic of something else.
Discussions regarding the global and EU framework for CCP resolution are still under way, and more work will need to be done to assess the extent to which interoperability can help during a resolution process; however, there are reasons to believe that it could indeed be an asset from the perspective of CCP substitutability 6.