Third, central banks increased their co-operative efforts both through enhanced communication and collective market monitoring, and through co-ordinated actions to provide longer-term funds. Finally, some central banks also calibrated their monetary policy stance to take into account any impact the unfolding credit market turbulences might have on inflation and real activity. 3.1.
Responses of the Eurosystem  Going more into depth, let me describe how the Eurosystem responded with its operational measures to banks’ changed liquidity demand. In line with other affected central banks, the Eurosystem resorted to a more pro-active liquidity management to maintain a proper control of short-term interest rates.