The Federal Reserve on Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.

Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort. The Federal Reserve said the Bank of Japan will soon consider a similar program.

The Fed said the action is being taken in "response to the reemergence of strains" in financial markets in Europe.