This would also include – in the view of the IIF – harmonisation of the range of collateral that central banks and settlement systems  BIS Review 43/2008  17  accept and increased convergence and transparency from central banks in their role as lender of last resort. 6.
Conclusions  While the current turmoil’s ultimate cause are the substantial losses of financial assets linked to the US housing market, liquidity problems have driven its fever curve ever since its outbreak in the summer of 2007.