It appears that last week’s coordinated action has had the desired effect.
Demand for the European Central Bank’s dollars has surged. There were also takers elsewhere, with the Swiss National Bank’s swap line tapped for the first time since mid-August.
Barely a month into the job and Mario Draghi, European Central Bank president, faces a whirlwind of decision making. Starting later today (Wednesday), he presides over meetings of the ECB’s 23-strong governing council. On Thursday, he gives a press conference in Frankfurt before heading off to Brussels to join European Union leaders for a summit which by late Friday may - or may not – have determined the eurozone’s long-term future. Here, for starters, is a guide to what might be expected on Thursday.
Extra liquidity for eurozone banks This is the easy part.