Strengthening the provision of banking services Fourth, the banking services central banks provide need to be strengthened. In recent years, central banks have taken multiple steps to enhance the stability and efficiency of the payment and settlement system, such as steps to minimize settlement risks emerging from time zone differences in foreign exchange transactions and enhancing payment and settlement system oversight.
During this crisis, in the area of money market operations,  2  BIS Review 71/2009  central banks have expanded the range of collateral and counterparties, and major central banks have conducted coordinated operations to provide US dollar liquidity. These measures have helped bring back stability to financial markets. However, in ever-changing financial markets, challenges remain.