Supplying credit in dollars to banks in the euro area and Switzerland helped relieve pressure on those banks and in our markets. In recent months, the Fed was able to make currency swap arrangements on short notice but our reaction time could be even shorter if we keep such arrangements in place or on standby.
Issues related to the role of the banking system in the region will be addressed by fellow Central Bank Governors in Session IV of the Conference, which I will be honored to chair. Before concluding, I would like to touch briefly on the role of the ECB and the Eurosystem in the crisis.