Given the global nature of financial markets and institutions, the Federal Reserve also established swap lines with foreign central banks, allowing them to obtain dollars so that they could meet the dollar liquidity needs of banks in their jurisdictions.
On top of that and with a longer-term perspective, the need to revisit the way the international financial architecture is evolving to avoid the recurrence of these episodes (something that we know very well in the emerging world) becomes a priority. In the first part of my remarks, I describe how the emerging world is dealing with the crises.