While cooperation in the field of liquidity management on an unprecedented scale has been certainly one of the hallmarks of public responses to the current turmoil, another example without precedents of central bank coordination was the decision by the ECB and other five  12  See the article “Ten years of the Stability and Growth Pact”, ECB Monthly Bulletin, October 2008.
BIS Review 13/2009  17  major central banks to ease global monetary conditions on 8 October 2008. Commentators and observers have wondered whether this concerted policy decision may be the beginning of a new era of increased international monetary policy coordination in response to economic and financial globalisation.