The global macro-financial environment  Starting with the global macro-financial environment, future developments in the US housing market remain a crucial determinant of the financial stability outlook also for the euro area.
Among these were the Term Auction Facility (TAF), which auctioned short-term funds to banks; the Primary Dealer Credit Facility, which served as a backstop liquidity provider for securities firms; the Term Asset-Backed Securities Loan Facility (TALF), which was designed to help revive the market for asset-backed securities, and others.