Fed Dollar-Funding Cut Shows Limits of Action

In effort to alleviate the Euro Debt Crisis, The Fed explores various ways in which to ease borrowing costs for firms. With attempts to avoid alteration of Monetary policy, we see the flirting with the idea of lowering reserve ratios, and to engage in the "Liquidity-swap" resolution. How does this affect lender/borrower habits as it relates to our discussions of interest rates in class?

source: http://www.bloomberg.com/news/2011-12-01/fed-dollar-funding-cost-cut-shows-limits-of-action-on-europe.html