In simple words, if the assets are part of the balance sheet of the central bank and fulfill certain other criteria, then they are to be treated as international reserves. If, however, the same assets are held by a long-term fund, which is a separate corporate entity, then they may not be reckoned as part of the international reserves from liquidity point of view.
I welcome the contribution that others have made to this debate in recent years.3 Looking at the SGP itself, sound public finances and sustainable debt are prerequisites for good policymaking. Only with these can economic policy turn to the task of growing the stocks of economic capital in a sustainable way for the long-term.