While precise data on market activity are not available, as much of the money market activity (also in normal times) takes place over the counter, contacts with market participants indicate that the turnover, especially in longer-term segments of the money market, has decreased drastically.
Central banks have increasingly become intermediaries for interbank transactions, as witnessed by the steep increase in the size of their balance sheet (the size of the Eurosystem’s balance sheet, for example, has increased very significantly since the breakdown of Lehman Brothers).