Ricardo Reis discusses how swap lines have supported the flow of U.S. currency into global financial markets to meet their liquidity needs and the dollar's prominence in those markets, especially during the 2007-08 financial crisis and the COVID-19 pandemic. Reis is an economics professor at the London School of Economics and a long-term consultant at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_01_15_fed_swap_lines