None of these options are perfect by themselves. Although central banks of large industrial countries have tremendous resources, their primary focus is domestic monetary policy and they have little mandate for involvement in crises without systemic implications for their countries. It is a positive development that countries with significant exposure to foreign currency risk are more and more able to insure themselves with reserves.
However, there are costs associated with such reserve accumulation and there is also a danger that, under the guise of "insurance," countries will engage in activities – including intervention to keep their currencies weak – that are increasingly distorting global capital and trade flows. In terms of regional arrangements, the trend toward rising international cooperation and coordination can have benefits.