Since December 2007, following the severe tensions recorded in the financial and money markets, the major central banks have implemented a number of coordinated actions: this has enabled the ECB to allow euro area counterparties to access US dollar-denominated funding.
In 2013, the ECB, the Bank of Canada, the Bank of England, the Bank of Japan, the Federal Reserve and the Swiss National Bank decided to convert their temporary bilateral swap lines to standing arrangements, in order to provide US dollar-denominated liquidity, where required by market conditions.
