We believed that the steps we were taking would provide additional information that could help clarify how we viewed price stability that at the same time would allow us to remain consistent with giving information about how we expected to fulfill our dual mandate.
Firstly, they had to deal with the breakdown of standard distribution channels for liquidity, both nationally and internationally. This was because the provision of sufficient liquidity to a small group of intermediaries no longer guaranteed that it would either flow through the system, or to those in need of funding in specific currencies, as stress in money markets spread to foreign exchange swap markets.