In Germany, this means that banks cannot use outsourcing as a pretext for not accepting the responsibility for losses incurred by customers or within their own organisations. It is therefore all the more important to keep risks under control when outsourcing. Is this guaranteed if the servers are located on a different continent?
The IMF also introduced several lending facilities to strengthen global safety nets such as the Shortterm Liquidity Line (SLL) and a number of emergency lending facilities since the outbreak of the COVID crisis. Also, the Fed's temporary swap lines, which were extended to nine additional economies during the GFC and the COVID crisis, played a crucial role in stabilizing global financial markets.