. >> you can get the same paydown, the same long-term benefits, but just a little more gradually, i think. >> i have a question on page two of the report. there's a statement, additionally, the ecb made a significant injection of euro liquidity via its first three-year financing -- re-financing operation and central banks agreed to reduce the price of u.s. dollar liquidity based on swap lines with the federal reserve. what does that mean? >> so european banks are having trouble raising funds. >> right. >> they -- most of their funding is in euros, some of it is in dollars. on the euro side, the european central bank, which controls the supply of euros, has lent 1 trillion euros for three years to european banks on a collateralized basis. and that has greatly reduced the problems that european banks have in raising euro funding. the european central bank doesn't control dollars, the federal reserve controls dollars. in order to get dollars to the european banks, who use it in turn to make loans to u.s. citizens, among other things, the federal reserve has swapp p dollars for euros. we give