Interesting timing...

...For this trial balloon. More circumvention and/or obviation of sovereignity. Given the current environment, it is no wonder a smallish country recently victimized by an aggressive neighbor is chosen as the herald for this proposal.

Simply imagine the reaction if the U.S. had released this proposal.

May 31 (Bloomberg) -- South Korea proposed central banks set up a permanent arrangement for foreign-currency swaps to help address the type of funding shortages that emerged during the global financial crisis.

“Broadening and institutionalization” of such measures could help establish “a global financial safety net,” Bank of Korea Governor Kim Choong Soo said in the text of a speech to be delivered today in Seoul at a conference of central bankers.