Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

You know, the atmosphere right now is largely precautionary on their part—they are well capitalized with foreign currency reserves. But if we want to deal with hypotheticals, let’s assume that some of these recipients of the swap lines get into a liquidity crisis. Is the European Central Bank being approached for swap lines? I recognize that they need dollar liquidity, but in a general liquidity crisis, the euro would do as well to help. Do we have any sense of whether the ECB is considering swap lines for some of these emerging markets?

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