The point is rather than in the current “new world” in which market and funding liquidity can be highly interdependent, liquidity interventions aiming to ease the impaired functioning of the money market can also alleviate funding liquidity concerns and contribute to prevent that, in extreme cases, protracted illiquidity develops into lack of solvency.
BIS central bankers’ speeches  1  Moreover, with the zero bound being reached, policy uncertainty should translate to uncertainty about the use of other non-conventional tools to ease monetary policy. That is certainly true in Japan in recent years and more recently has been the case in Europe.