governments, have contributed to tentative improvements in credit market functioning. however, the continuing volatility of markets and recent indicators of economic performance confirm that challenges remain. for this reason, policymakers will remain in close contact, monitor developments closely, and stand ready to take additional steps should conditions warrant. in times like these, we are especially aware of the importance of having close working relationships with our central bank colleagues around the world. these relationships are fostered by the ties established in forums like this one and in the many venues where policymakers regularly gather. the 10th anniversary of the euro is an opportunity not only to celebrate an impressive and historic achievement, but also to reaffirm our commitment to cooperation as we address the challenges of an increasingly integrated global economy. central bankers and other policymakers around the world must continue to work together to address disruptions in credit markets and to promote a vibrant global economy. some other countries with extensive accumulated stocks of dollar reserves have made these dollars available in their economies through auctions and regional arrangements.

that investment banks based in the united states and financial institutions based in the united kingdom have been among the top non - euro - area issuers of euro - denominated bonds ; it also said that banks in europe and some firms located mainly in the united kingdom with business concentrated in the securitization of residential mortgages have been among the top non - u. s. issuers of dollar - denominated bonds. the central banks include those in australia, brazil, canada, denmark, the euro area, korea, japan, new zealand, mexico, norway, singapore, sweden, switzerland, and the united kingdom. institutions within their borders. 3 although funding needs during the current turmoil have been the most pronounced for dollars, they have arisen for other currencies as well. for example, the ecb has set up swap lines and repo facilities with the central banks of denmark and hungary to provide euro liquidity in those countries. the terms of many swap agreements have been adjusted with the changing needs for liquidity : the sizes of the swaps have increased, the types of collateral accepted by these central banks from financial institutions in their economies have been expanded, and the maturities at which these funds have been made available have been tailored to meeting the prevailing needs. notably, in mid - october, the federal reserve eliminated limits on the sizes of its swap lines with the ecb, the bank of england, the snb, and the bank of japan so as to accommodate demands for u. s. dollar funding of any scale. taken together, these actions have helped improve the distribution of liquidity around the globe. this collaborative approach to the injection of liquidity reflects more than the global, multicurrency nature of funding difficulties. it also reflects the importance of relationships between central banks and the institutions they serve. under swap agreements, the responsibility for allocating foreign - currency liquidity within a jurisdiction lies with the domestic central bank. this arrangement makes use of the fact that the domestic central bank is best positioned to understand the mechanics and special features of its own country ’ s financial and payments systems and, because of its existing relationships with domestic financial institutions, can best assess the strength of each institution and its needs for foreign - currency liquidity. the domestic central bank is also typically best informed about the quality of the collateral offered by potential borrowers. the efforts by central banks around the world to increase the availability of liquidity, along with other steps taken by central banks and