Let me mention something as an important side note at this point: European integration is certainly making progress. On Tuesday this week the EU finance ministers formally adopted the Single Supervisory Mechanism, which will be a central pillar of the envisaged European banking union. Thus, a major step has been taken in improving the framework of monetary union.
Our programs served as a backstop to key credit markets and helped restore the flow of credit from private lenders through normal channels. We deployed these lending powers to an unprecedented extent last year. Our emergency lending powers require the approval of the Treasury and are available only in very unusual circumstances. Many of these programs were supported by funding from the CARES Act.