The motivation of these proposals is primarily to redistribute the so-called "exorbitant privilege" that accrues to the United States as the principal supplier of reserve currency. As such, the United States receives an advantage in the form of lower financing costs in its own currency. This advantage would be shared (and possibly reduced in aggregate) if there were competing reserve currencies.
2  BIS Review 2/2004  information between the central bank and the financial markets is quantitatively important - and I will present some evidence on this point shortly - financial markets will not price bonds and other assets efficiently (relative to the information possessed by the central bank), and scope may exist for central bank communication to improve the effectiveness of monetary policy and the overall performance of the economy.