Indeed, you doubtless remember that the first interest rate reduction in the easing cycle, on 8 October 2008, was a coordinated move by a number of major central banks. Market interest rates are now at very similar levels. For instance, the money market interest rates at the twelve-month horizon both in the US and the euro area are currently just below 1.3%.
1 Central banks on both sides of the Atlantic have also resorted to a number of non-standard measures to provide additional support and stimulus to their respective economies. The choice and design of those measures reflects the structural characteristics of those economies.