Fed makes $50 billion available for Europe to support banks

AP Economics WriterWASHINGTON (AP)-- The Federal Reserve, seeking to stabilize the global economy following the worst terrorist attack in U.S. history, announced Thursday that it was making $50 billion available to stabilize European banking systems.

The Fed said it was taking the action "to facilitate the functioning of financial markets and provide liquidity in dollars."

The unusual move followed by one day a joint statement from the world's seven richest countries pledging that their central banks would coordinate activities to make sure that emergency withdrawals did not destabilize any of their banking systems.