As President McDonough just related, no Federal Reserve funds were put at risk, no promises were made by the Federal Reserve, and no individual firms were pressured to participate. Officials of the Federal Reserve Bank of New York facilitated discussions in which the private parties arrived at an agreement that both served their mutual self-interest and avoided possible serious market dislocations.
Hence, it would be premature to regard the financial crisis, and the economic crisis directly linked to it, as having already run their course. Clearly, a protracted period of stagnation in the major economies would pose a substantial risk to financial stability.