Furthermore, and in recognition of the shared responsibility for financial stability, a Financial Stability Oversight Committee has been established, jointly chaired by the Governor and the Minister of Finance. The focus of the Bank FSC is on crisis prevention, and while the FSOC does review current conditions, the primary purpose of this committee is crisis management and resolution.
During this crisis, in the area of money market operations,  2  BIS Review 71/2009  central banks have expanded the range of collateral and counterparties, and major central banks have conducted coordinated operations to provide US dollar liquidity. These measures have helped bring back stability to financial markets. However, in ever-changing financial markets, challenges remain.