In this case, the co-movement in national longterm interest rates does not necessarily imply that central banks no longer exert an influence on their domestic long-term rates. 2.3  Credit channel  The credit channel consists of several sub-channels with the bank lending channel and the balance sheet channel probably being the ones that have been most analyzed.
No specific program encompassed and coordinated initiatives to enhance flexibility, but there was a growing recognition, both in the United States and among many of our trading partners, that a market economy could best withstand and recover from shocks when provided maximum flexibility. Developments that enhanced flexibility ranged far beyond regulatory or statutory change.