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發表於 2011-12-20 11:21:46
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顯示全部樓層
European Central Bank (ECB) never has the same financial resources as the Federal Reserve of U.S.; they have an unlimited U.S. dollar swap line with the FOMC. This swap line is required to meet any sudden rise in demand of U.S. dollar in Europe but it has to be covered with collateral before money is being advanced.
The recent incidents in Europe are caused by inability of European commercial banks to raise longer term (3 months and over) U.S. dollar funds at a reasonable rate, therefore they have no choice but to get their U.S. dollar from the ECB. You know where the ECB gets its US dollar from, of course FOMC in New York. |
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