European Officials Question Fed Funding
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dollar fundingReuters
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Business & Economics
Exclusive-Some European officials weigh if they can rely on Fed for dollars under Trump
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Some European central banking and supervisory officials are questioning whether they can still rely on the U.S. Federal Reserve to provide dollar funding in times of market stress.
The European officials have held informal discussions about this possibility - which Reuters is reporting for the first time - because their trust in the United States government has been shaken by some of the Trump administration's policies.
The Fed is an independent institution, accountable to Congress .
One of the sources said EU officials are concerned about European banks' short-term borrowings in dollars, which make continued access to the Fed 's credit lines vital. About 17% of euro-zone banks' funding is in dollars, a recent ECB study showed. (Reporting by Elisa Martinuzzi , Jesus Aguado , John O'Donnell , Stefania Spezzati , Francesco Canepa and Balazs Koranyi ; Editing by Paritosh Bansal and Daniel Flynn ).
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