The 1996 agreement between the Federal Reserve and the Bank of Japan, under which the Bank of Japan could obtain dollar funds through repo arrangements, gives some indication of the possibilities in this regard.
Given the scope, increasingly wide participation and regularity of the meetings which take place in Basle, the BIS makes an important contribution to international financial stability by ensuring that policy-makers (at least central banks and other regulators) know each other well and have open lines of communication. This is the institution’s most important contribution to crisis management, although not its only one.