"Federal Reserve, Banco Central do Brasil, Banco de Mexico, Bank of Korea, and Monetary Authority of Singapore Announce the Establishment of Temporary Reciprocal Currency Arrangements," press release, October 29. ------------ (2008). "Federal Reserve and Other Central Banks Announce Further Measures to Address Elevated Pressures in Funding Markets," press release, September 18. ------------ (2008).
In addressing the situation, the relevant authorities, including those in the G7 countries, swiftly took actions: they issued a statement that they would consult closely on financial stability and cooperate as  BIS central bankers’ speeches  1  appropriate, and central banks in major economies also showed their readiness to take steps to ensure adequate liquidity, including U.S. dollar funding.