The Federal Reserve entered into foreign exchange swaps with a number of other central banks to make dollar funding available to foreign banks in their own countries. By doing so, we reduced the pressure on dollar funding markets here at home.
Willem F Duisenberg: The future of banking supervision and the integration of financial markets  Speech by Dr Willem F Duisenberg, President of the European Central Bank, at the conference organised by Euro Group entitled “Improving integration of financial markets in Europe”, held in Turin, on 22 May 2000.