In the past, several central banks in the emerging and developing economies received emergency liquidity assistance. For example, during the debt crisis of 1982, the US Federal Reserve offered the Bank of Mexico a $ million swap agreement. During the currency crisis of 1994, the Bank of Canada offered Mexico a shortterm swap of $ 1 billion.
Furthermore, Brazil received financial support from the Bank of International Settlements in 1998 in the context of an IMF stabilization program. During the recent international financial crisis, a new form of cooperation emerged in the provision of emergency assistance.