To sum up on this point: I think the Bretton Woods institutions and indeed the United Nations system were designed to reconcile national interest with global interests and to ensure the mutual consistency of national policies 7. The fixed but adjustable peg and later on the floating or managed exchange rates regime were supposed to take care of imbalances in the current account.
These are the only two options for them to lower their funding costs well below the backstop level implied by the OMTs. For governments and parliaments, the ultimate driver of their actions remains employment.