The developments in the operational frameworks of the Eurosystem and the Bank of England indicate a certain convergence in responding to the liquidity tensions. The same is true if one takes the actions of other important central banks into account. Most notably, all relevant central banks have responded by undertaking exceptional fine-tuning operations and by lengthening the average maturity of their refinancing operations.
Central banks with a more restrictive pool of eligible collateral and/or counterparties before the current turmoil have broadened the range of accepted securities and counterparties. This is especially true for the Bank of England and the Federal Reserve.