As a result of this decision, euro area counterparties will be able to borrow as much USD liquidity as they wish against eligible euro-denominated collateral. The supply of USD is guaranteed by an unlimited temporary reciprocal currency arrangement between the Federal Reserve and the ECB that will remain in place for as long as needed.
Ownership and Conditionality in IMF-Supported Programs, IMF Working Paper WP/03/191. 2  BIS Review 51/2003  I believe that if we follow through with the elements I have outlined, developing countries stand a reasonable chance to eradicate poverty.