Sticks and carrots; the matter of 'reserve' and 'currency' is not clarified.

A reserve regime balances capital flows between countries which use different currencies. This is done mostly by dollar- denominated swaps.

A currency is a national tender unit. Swiss Franc, British Pound, Japanese Yen. The Euro is a currency- like substance that lacks a lender of last resort. It is an agreement in principle and convenience created for political reasons. It would be very difficult to make the Euro into a hard currency like the 'Silver Certificate' US dollar. In the 'Good Ol' days' there were hundreds of American currencies; most banks offered their own paper monies - banknotes - lent against deposits. Legal tender laws made the US Treasury dollar the sole currency of the US.

A reserve regime does not need a new currency. An end to over- the- counter interbank currency and interest rate swaps would reduce volatility and tendency toward 'credit lockups'. Moving to exchange trading would accomplish this. Going further, taxing these derivatives out of existence would gain the Treasury some cash and remove the derivative overhang that threatens to unbalance capital flows (and umbalances them by inference currently).