Just to mention a recent example, the collective actions among central banks to facilitate liquidity provision in short-term money markets were an important initiative in this sense. But to what extent does increasing financial globalization affect the efficiency and stability of asset prices and economic performance in general?
As a consequence the Eurosystem changed the tender procedure to full allotment at a fixed interest rate, i.e. the Eurosystem stood ready to provide against eligible collateral as much liquidity as the individual banks desired and did so at a fixed rate. The new tender procedure removed any vestiges of uncertainty about liquidity management for banks.