But importantly, these are, after all, emergency 2/4  BIS central bankers' speeches  facilities, and someday—hopefully soon—the emergency will pass. When that day comes and we are confident the economy is solidly on the road to recovery, we will wind down these lending facilities at such time as we determine the circumstances we confront are no longer unusual or exigent.
The Federal Reserve has played a leading role in the global economic policy response to the coronavirus pandemic. Foreign financial institutions borrow and lend in U.S. dollars, and these dollar funding markets seized up when COVID-19 emerged.