Fed offers unlimited dollars to central banks in Europe

10/14/2008 | Wall Street Journal, The

The Federal Reserve said it will help central banks in Europe relieve pressure on commercial banks by providing unlimited dollars, which have become hard to obtain in recent weeks. "The central banks here are providing a market that simply doesn't exist anymore in the private sector," said Julian Callow, a European economist with Barclays Capital. "Particularly for European banks, which have been so dependent on US dollar funding, I think it's very important."

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