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.
A key tool in this respect has been the US dollar Term Auction Facility, in which the ECB agreed with the US Federal Reserve to grant loans in dollars to euro area banks. These USD liquidity- providing operations have increased over time in terms of size and number of participants, with a substantial number of central banks now participating.