The bank must also co-operate within the EU and internationally with third bodies and entities. Finally, it contributes to maintaining a stable financial system and monitoring the banking sector. The latter can be seen, for example, in the bank's intervention during the subprime mortgage crisis when it loaned billions of euros to banks to stabilise the financial system. In December 2007, the ECB decided in conjunction with the Federal Reserve System under a programme called Term auction facility to improve dollar liquidity in the eurozone and to stabilise the money market. COUNT 5
QSN1 What did the ECB do to help stabilise the financial system during the subprime mortgage crisis? ANS1 loaned billions of euros to banks QSN2 Why did the ECB intervene during the subprime mortgage crisis? ANS2 to stabilise the financial system QSN3 Who decided, along with the ECB, to use Term auction to help stabilize the financial crisis and improve dollar liquidity? ANS3 Federal Reserve System QSN4 Besides cooperating with other financial institutions, how does the ECB help to maintain stability? ANS4 contributes to maintaining a stable financial system and monitoring the banking sector QSN5 When did the ECB and Federal Rserve decide to collaborate on Term auction facility? ANS5 December 2007