Such a multilateral option is necessary as a complement to self-insurance but it cannot be a substitute; some measure of self-insurance will continue to be the first line of defence. 23. None of the above solutions as you can see fully addresses the problems arising from a single global reserve currency.
What this underscores is that at the global level we need to explore these and other options for protecting ourselves from the vulnerabilities that we confront as a consequence of a single reserve currency. Governance of Bretton Woods institutions 24.