Importantly, the swaps were structured so that the Federal Reserve bore no foreign exchange risk or credit risk. 3 As the financial crisis spread, the continuing pullback of private funding contributed to the illiquid and even chaotic conditions in financial markets and prompted runs on various types of financial institutions, including primary dealers and money market mutual funds.
2  BIS Review 98/2006  By spring 1998, support in the euro area countries grew to 2/3 of the populations (66%) in the euro countries. Little by little knowledge about the euro rose in Finland as did its acceptance. By August 2001 it was as high as 72%.