First, the extent of price adjustments would depend significantly on the degree of substitutability between reserve assets and on whether reserve currencies would be seen by investors as substitutes or complements. Second, official reserve managers have a longer time horizon than private market participants and are therefore more likely to act as stabilising rather than destabilising investors.
29 Third, the sub-prime and euro area crises showed that, even when large shocks occur in reserve-issuing countries, rebalancing in reserve portfolios may remain limited. Others argue, in contrast, that multi-polarity would create global benefits.