Other dimensions of international monetary coordination Apart from exchange rate policy, there are other important aspects of international monetary coordination which have come to the fore in the current crisis. On top of their regular exchanges of information and views, central bankers have engaged in unprecedented joint actions to provide liquidity, reduce financial market strains, and counter negative spillover effects on the real economy.
For example, on 8 October 2008 the ECB cut interest rates simultaneously with six other central banks, against a backdrop of lower inflationary pressures. Another example can be found in the area of liquidity management.