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Central banks in Europe began to offer unlimited dollar liquidity today, as part of the recently re-activated swap line with the US Federal Reserve (see yesterday’s post for details). The results of the auctions suggest that short-term liquidity problems may be limited to the euro zone, for now.

The European Central Bank received seven bids for the eight-day, 1.22% fixed-rate funds. It allotted US$9.2bn in total. The Bank of England and Swiss National Bank offered the same terms but didn’t receive any bids.