8 This strong and unprecedented international policy response proved broadly effective. Critically, it averted the imminent collapse of the global financial system, an outcome that seemed all too possible to the finance ministers and central bankers that gathered in  reported that the facility's existence helped reassure investors that ample liquidity would be available in case of further disruptions in the money markets.
6  A crucial feature of these lines is that the Federal Reserve's counterparties are the foreign central banks, which are governmental entities, not the private-sector entities to which those central banks might lend in turn. Accordingly, the Fed bears little risk through these arrangements.