During this period, the Eurosystem remained, as usual, in close contact with other major central banks. In this context, on 11 March the Governing Council of the ECB decided, in conjunction with the Federal Reserve to offer US dollar funding to Eurosystem counterparties as it did in December 2007 and in January 2008.
Through the operations currently being undertaken, liquidity for an overall amount of up to USD 30 billion is provided. The Swiss National Bank is following an analogous course of action. Overall, given its flexible design, the Eurosystem’s operational framework with its broad range of instruments has thus far proved to be resilient and effective.