In order to address these concerns, on 22 September, at  1  BIS Review 84/2000  the ECB’s initiative, the monetary authorities of the United States, Japan, the United Kingdom and Canada joined the ECB in a concerted intervention in the foreign exchange markets.
Earlier this month, the Federal Reserve Bank of New York announced several changes to its daily open-market procedures intended to ensure the smooth operation of financial markets around the century rollover. All of these actions have a common theme. They are meant to build confidence that the Fed is determined to play its traditional role as a provider of liquidity in uncertain times.