While reserve alternatives would increase pressures on the United States to adjust, since "artificial" demand for their assets would be shared with others, incentives for the surplus countries that have thwarted adjustment would not change.
The common lesson of the gold standard, the Bretton Woods system and the current hybrid system is that it is the adjustment mechanism, not the choice of reserve asset, that ultimately matters. With the adjustments that would arise automatically from floating exchange rates or unsterilized intervention muted, the burden is squarely on policy dialogue and co-operation.