 A third proposal, broader and less clearly defined, calls for a global stabilization mechanism whereby the IMF could temporarily use an expanded "tool kit," with instruments including the unilateral offer of FCLs for multiple qualifying countries as well as other special facilities and relaxations of the terms of existing facilities.A variety of rationales have been offered for the creation of an ILLR.Particularly prominent in recent years is offering countries an alternative to self-insurance through accumulation of foreign exchange reserves, which, in spite of a high cost of carry, has been widely practiced in emerging economies since the 1997 Asian financial crisis, the 1998 Russian financial crisis and the 1998 bailout of Long-Term Capital Management.