Right after the collapse of Lehman Brothers, the Bank of England and the Bank of Japan also entered into swap arrangements with the Federal Reserve, and largely contributed to a stabilization in the global financial markets as an effective backstop to contain the U.S. dollar liquidity crisis.
Less than a year ago we organised, together with the Centre of Financial Studies at the University of Frankfurt, the first large, open conference of the ECB on “Monetary policy-making under uncertainty”. On that occasion, I had the opportunity to signal clearly our commitment to a continuous and active exchange of information between the ECB and the academic world.