2.3  More international convergence in liquidity frameworks? Since August 2007 central banks have responded in a variety of ways to the financial market disruptions, reflecting differences in the extent to which markets have been hit by the turbulences, and differences in the design of their operational frameworks.
However, in general all major central banks stepped up their intermediation role with a view to addressing the liquidity squeeze and, in doing so, they showed a certain degree of convergence in operating procedures. In particular, central banks: •  Pursued more active reserve management, reassuring banks of their orderly access to overnight funds and increasing the frequency of their operations.