Federal Reserve Bank of Dallas President Richard Fisher said the central bank is not “bailing out Europe” with its decision to lower the cost of emergency dollar funding for financial companies.

The Fed’s actions are not “bailing out European socialism, or bailing out Europe,” he said in an interview with the Fox Business Network that was to air Wednesday night. They are instead “trying to meet a shortage of dollars.”

Fisher told the network “there is no dramatic event” that prompted the action, which is part of an effort to make sure “the recovery is gaining momentum.”