Fed Teams With Central Banks on Credit

The Federal Reserve announced Wednesday it is coordinating with other central banks to deal with the global credit crunch.

The central bank said it had reached an agreement with the European Central Bank as well as the Bank of England, the Bank of Canada and the Swiss National Bank to address what it termed "elevated pressures" in credit markets.

The Fed said that it was creating a temporary auction facility to make funds available to banks and was also setting up lines of credit with the European Central Bank and the Swiss Central Bank that could be used for additional resources.

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- Posted: 2007-12-12 09:47:03

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