Moreover, central banks’ monetary policy autonomy would be substantially restricted if the IMF were to become a “world central bank” or the global lender of last resort – which is what almost unlimited liquidity provision would in fact mean: for the IMF, unlike central banks, cannot itself create liquidity.
Consequently, the national central banks of countries whose currencies are part of the basket of special drawing rights would be required to provide liquidity, whatever the amount. 3. Conclusion  Ladies and gentlemen, The financial and debt crisis is, unfortunately, far from over. This was made abundantly clear again this summer.