4  BIS Review 76/2008  As for the Eurosystem, we have so far stood the test in this challenging environment. Owing to the broad design of our liquidity operations toolbox, the Eurosystem’s operational framework has had to change only slightly since the outbreak of the financial market turbulence.
Smaller economies of Asia, however, have limited ability to withstand shocks and their macroeconomic stability has been disrupted and their reserves’ level has declined in the face of exogenous shocks. •  Unlike past episodes of crisis, the global economy today faces multidimensional challenges. Interdependence among economies introduces its own complications.