As such, when market conditions are not greatly strained, demand for dollar liquidity through the swap lines should not be high, as market alternatives would be more attractive. Likely for that reason, the dollar liquidity offerings by foreign central banks to date have elicited only a modest demand.
We firmly believe that the need to correct the excessive deficits in some countries and to pursue sound fiscal policies in general have to be framed within a comprehensive and credible medium-term reform strategy.