In this situation, the provision of liquidity under QE by the Bank appears to have alleviated anxiety about the financial system and played an important part in avoiding a significant economic slowdown.
Moreover, it appears that the lesson learned then – that the provision of ample liquidity by  2  BIS central bankers’ speeches  the central bank at a time of financial crisis can help to restore stability – has played a role in central banks’ response to the recent global financial crisis.