Exchange rate fluctuations among major currencies are now an everyday fact of life, and it is important for all entities with foreign exchange exposures to resort to “hedging” with appropriate risk management of assets and liabilities. On balance, the benefits of the suggested alternatives to the present system are not very clear. The present system is by no means an ideal one.
However, like the old cliche about virtues of democracy, it is probably better in the long run than all the available alternatives.