Second, the ECB has agreed with the Federal Reserve System to grant loans in dollars to euro area banks in connection with the FED US dollar Term Auction Facility, in the context of coordinated central banks’ actions. The Eurosystem’s loans have been financed through a currency arrangement (swap line) between the FED and the ECB.
The ECRB will be chaired by the ECB, which will be closely involved together with national 1/2  BIS central bankers' speeches  central banks and observers from the relevant European public authorities. This will ensure that the ECRB acts in the interest of Europe as a whole. Its common positions, statements and strategic views will be adopted by consensus.