Second, the European central banks participating in the TAF have different lists of eligible  4  BIS Review 107/2008  collateral which for some banks have made the access to USD easier. Third, European auctions for US dollars provide a better timing for European banks. 4.
Lessons for central banks  Going forward, what preliminary lessons can we draw as central bankers from the ongoing turbulence? 4.1  Lessons for the implementation of monetary policy  In the past common central bank wisdom was to say that there is no unique way to implement monetary policy.