This provided some experiential base for other central banks when the recession that unfolded from late 2008 was so deep that there was insufficient scope to cut interest rates in response.
So in addition to programs to provide funding to intermediaries in order to prevent a collapse of the financial system  9  I note parenthetically that several important cross-border initiatives to manage liquidity pressures were put in place very quickly by key central banks. This kind of cooperation at a technical level is something at which the central banks are actually quite good.