Even central banks in some emerging market economies had to deploy non-traditional tools because of contagion. As a result – Asset Purchase Programs in all letters of the alphabet some of which you would normally throw away in a game of Scrabble came into vogue.
Q-E-1, QE2 (with operation twist) in the US, OMT [or Outright Monetary Transactions] and TLTRO [or Targetted LongTerm Refinancing Operations] in Europe, and Q-Q-E (Quantitative and Qualitative Easing – the three arrows) in Japan. BIS central bankers’ speeches  1  Furthermore, central banks needed to be sharper and more pointed in their communication of policy intent.