For example, changing situations in high-debt nations and exposures to interest rate risk necessitate a more active approach to investing in such bonds. As a result, global rebalancing is necessary....

For example, changing situations in high-debt nations and exposures to interest rate risk necessitate a more active approach to investing in such bonds. As a result, global rebalancing is necessary. To make this global rebalancing useful, the currencies of debt-laden countries need to weaken (against those of surplus countries).