In one such initiative, the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) set up the Asian Bond Fund (ABF) in 2003, and since then the BIS has worked closely together with the EMEAP on this initiative.
Many central banks, especially during the most acute phases of the crisis, also employed policies known as “credit easing,” which involves purchases of private sector assets in certain credit markets that are important to the functioning of the financial system but are temporarily impaired. The objective of credit easing is to reduce risk premiums and improve liquidity and trading activity in these markets.