It bestows access to high-demand currencies on a select few, relatively strong, countries precisely when the weakest countries are at their most vulnerable. Having been left outside the club, these countries have no option but to self-insure by accumulating foreign-exchange reserves.
挑选合作伙伴自然是一种政治动作。它把需求程度高的货币给予一小撮选定的相对坚挺的国家，而此时最疲软国家才是最脆弱的。由于被排除在这一俱乐部之外，这些国家别无选择，只能通过囤积外汇储备来保护自己。