lending capacity of usd 1 trillion. major central banks, including the ecb, have taken coordinated action to enhance the provision of us dollar liquidity. the ecb has also agreed to swap line arrangements with some eu central banks to provide euro liquidity and is assessing further requests for euro - providing swap lines in line with its mandate. going forward the international community will need to cooperate closely, learn from each other with respect to the effectiveness of the various policy responses, share information and coordinate policy actions, also when lifting containment measures, so as to help bring about a swift return to sustainable global growth and preserve an open global economy. 1 targeted longer - term refinancing operations, offering banks long - term funding at attractive conditions, to preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. the interest rate applied is linked to the participating banks ’ lending patterns. 2 further information on the app, the ltros and tlros can be found here, on the pepp here and on the collateral easing measures here. 3 / 3 bis central bankers'speeches

. we remain committed to fully implementing the basel standards under the revised timeline. we are by no means backtracking on the progress in strengthening the regulatory and supervisory framework that has been made since the previous financial crisis. with regard to future actions, the ecb is continuously monitoring developments – also from a macroprudential perspective – and assessing the need for additional steps, including the further release of buffers or measures to support their usability. we also continue to closely monitor non - bank financial institutions. some investment funds have been experiencing significant outflows since the outbreak of market volatility, but the ecb ’ s recent policy actions have helped to improve conditions. in particular, following our decision to expand private sector asset purchases to non - financial commercial paper, outflows from euro area money market funds have been stemmed. these events also emphasise the importance of extending macroprudential frameworks beyond banking over the medium term. european responses to the coronavirus shock fiscal and structural policies should be targeted at enhancing the european countries ’ capacity to deal with the economic and social impact of the coronavirus pandemic and to support the subsequent economic recovery. we welcome the initiatives already taken by european governments and european institutions to ensure sufficient healthcare resources and to provide support to affected companies and employees. these will help in securing employment and safeguarding the survival of productive firms. we also welcome the provision of credit guarantees. such actions should help to complement and reinforce the unprecedented monetary policy measures taken by the ecb ’ s governing council in response to the crisis. international responses to the coronavirus shock as national authorities take the necessary steps to fight the pandemic, global cooperation and resource sharing across nations remain vital. addressing international trade disruptions, preserving trade openness and assuring the flow of vital medical supplies and other goods and services across borders is of paramount importance in helping to contain the economic fallout from the outbreak. 2 / 3 bis central bankers'speeches further international efforts will be needed to counter the consequences of the outbreak and spread of the coronavirus. the ecb supports the crisis - response measures by the imf, notably the adjustments to its emergency lending toolkit and the creation of a short - term liquidity line for countries with strong macroeconomic fundamentals. we are also open to exploring a possible new special drawing rights ( sdr ) allocation for all imf members. the october 2019 package on imf resources needs to be implemented speedily to help maintain the imf ’ s