BIS Review 61/2008  3  As the turmoil went on, central banks strengthened their cooperation, first through enhanced information exchange and collective monitoring of market developments and later on by coordinated steps to provide liquidity.
In response to a situation where some euro area banks were reported to be concerned about the limited availability of funding denominated in US dollars, the ECB agreed with the US Federal Reserve to grant loans in dollars to euro area banks in connection with the Federal Reserve new Term Auction Facility (TAF) in US dollar.