To improve mortgage market functioning and support housing markets and economic activity more broadly, the Federal Reserve has purchased large amounts of debt and mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae in addition to purchasing long-term Treasury securities to help improve conditions in private credit markets.
Another lesson drawn from the crisis by the EU was that there was a need to review and reinforce the structures for micro and macro-prudential supervision. The result has been the establishment of three pan-European supervisory authorities that have been given powers to promote EU interests in securing financial stability while day-to-day supervisory powers remain at the Member State level.