The allotments above the benchmark were reduced in the course of the maintenance period so that the average supply of liquidity over the entire maintenance period remained unchanged.
Against a background of increasingly liberal capital mobility and the accompanying growth of capital account transactions, the principal driver of the crises was the unsustainable current account deficits in many of those economies with de facto U.S. dollar-pegged exchange rates. After the crises, the economies have pursued independent monetary policy and have increased the flexibility of their exchange rates, while upholding capital mobility.