From Reuters
Thursday, May 21, 2026
FRANKFURT, Germany -- Some U.S. Federal Reserve officials proposed extending a critical, international supply line of U.S. dollars to underpin financial stability, according to an account of their recent meeting.
The discussion centered on extending so-called U.S. dollar swap lines, which the Fed has with five major central banks and has become a key backstop for global banking since the financial crisis.
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The debate unfolded as the globe faces heightened instability and spiraling energy costs, driven by a war between the United States, Israel and Iran.
The discussion also comes amid growing apprehension towards Washington and how much the United States can be relied upon both for military defense, as well as in finance with a backup of lenders with dollars, the lifeblood of international trade and finance.
Incoming Federal Reserve Chair Kevin Warsh's suggestion that independence may not extend fully to the Fed's crisis-fighting role abroad has unsettled central banking peers in Europe. ...
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