bank of new york's michael woolfolk says that speaks to the magnitude of the problems in europe. >> it does provide a backstop. it ensures the e.c.b. has the tools and liquidity necessary to endure a worst case scenario. >> reporter: the details of the program are fairly technical. from december 5 through february 1 of 2013, central banks will lower the cost of dollar swap lines by a half a percentage point. the important thing is that more dollars will be available to european banks at a lower price. >> the u.s. is unique in the global financial system. it's at the center of the financial system. in the current environment, the u.s. dollar is the first and the last currency for safe havens. >> reporter: the goal of the coordinated intervention is to try to prevent another global credit crisis. investors worldwide are worried about the possibility that some european nations might default on their debts, causing serious shocks to the global economy. the move comes on the same day that china cut reserve requirements for its commercial banks. that move is also designed to encourage lendin