Together with the implementation of better monetary policies in many countries, these particular aspects of globalization likely contributed to the "Great Moderation." John addresses the question of whether greater economic integration has increased the gains to be had from policy cooperation and coordination. We have seen an example recently in which policy cooperation of a particular type seemed to pay dividends.
In December, simultaneous and in some cases coordinated actions by a number of central banks to supply liquidity to banks apparently helped relieve stresses in interbank funding markets.