This provision of non-home currencies under central bank cooperation embodies the role of Global Lender of Last Resort. As I have described, while the essential nature of a central bank’s Lender of Last Resort function remains unchanged, specific ways of exerting the function have evolved, and new dimensions have been added to it.
More than ever, central banks now face the need to enhance collective efforts to improve crisis management skills in order to better withstand future shocks. Concluding remarks Ladies and gentlemen, let me now conclude.