On Monday, 28 September, ECB President Christine Lagarde told European lawmakers the central bank will expand the safety nets that let foreign central banks borrow euros. She said future swap lines would reflect the need for “a sovereign euro area and a strong euro”. Behind the move is a quiet fear in central banks and markets that the Federal Reserve could one day cut its own swap lines, which support trillions of dollars in foreign loans. The ECB is not saying the Fed will pull the plug. It is making sure Europe is not caught out if it does. This is the plumbing of global finance, and it matters more than it sounds. Businesses around the world borrow in dollars because they know the Fed will provide dollars in a crisis.
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