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

I’ll leave that to the lawyers to decide. But I am suggesting that by creating a swap, the staff had a presumption that the Europeans could work with the ECB and a certain hope, if nothing else, that they would work with the ECB. Otherwise, with no swap, we have basically put them back in the position that they are getting this directly from us.

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