[18]This is the essence of the international Fisher debt-deflation channel which works through the  effects of monetary policy on the exchange rate and inflation risk premia (see Eren, E. and Malamud, S. (2018), “Dominant Currency Debt”, CEPR Discussion Paper, No 13391).
[19]“We believe that currencies of large economies heavily used in international trade and  financial transactions should become part of the SDR basket, and that to achieve this objective, the concerned countries should have flexible exchange rate systems, independent central banks, and permit the free movement of capital flows.” See Geithner, T. (2011), Statement at the Highlevel Seminar on the International Monetary System, Nanjing, 31 March.