They have injected extra liquidity, lengthened the maturity of their lending facilities, and (in the case of the Fed) expanded the list of counterparties and widened the range of acceptable collateral in their operations. These actions have contributed to a significant improvement in money market conditions since late December in the euro area, the UK and the US.
Nevertheless, there remains much uncertainty in the market about the liquidity and capital adequacy positions of financial institutions, which has implied the need for continued central bank operations.