BIS Review 15/2010  3  severe stress, the Federal Reserve decided to provide additional stimulus through largescale purchases of federal agency debt and mortgage-backed securities (MBS) that are fully guaranteed by federal agencies. In March 2009, the Federal Reserve expanded its purchases of agency securities and began to purchase longer-term Treasury securities as well.
Their governments have also guaranteed that overall, the general government will, in the context of the euro conversion, waive any receipts arising from any fees and charges levied by it and convert prices in a neutral manner or smoothed in favour of the consumer.