I have difficulty in understanding below paragraph. I have difficulty in understanding below paragraph. It is about multilateral cooperation from an economic magazine. Question 1 “A return to capital controls should be seen only as a policy of last resort, to be used to dampen excessive exchange rate volatility or to moderate large inflows of capital when other policies, such as interest rates and intervention in foreign exchange markets, prove fruitless.” I wonder the when sentence refers only to moderate or to both dampen and moderate sentences . Do you understand what I mean ? 1) When ……to dampen or to moderate … 2) To dampen …..or when …to moderate Which one is right? Question 2 “But when the sustainability of the sources of finance for global payment imbalances is in doubt, as it is at present, multilateral cooperation to prevent sudden and disorderly market reactions becomes highly desirable, especially if the growing global imbalances create pressure for protectionist trade policies in some countries.” I have two understandings. 1) It creates pressure that these countries have to adopt protectionist trade policies to safeguard itself. 2) The global imbalances badly affect the protectionist trade policies that these countries are currently taking. Which one is right ? Thank you for your answer.