For instance, one possibility is an unsolicited liquidity line from the IMF, where countries are pre-qualified by the IMF and told (perhaps privately) how much of a line they would qualify for under current policy – with access limits revised in the annual dialogue the Fund has with a country, and any curtailment becoming effective 6 months later.
Access to the line would get activated by the IMF Board in a situation of generalized liquidity shortage (as, for example, when policy tightening in source countries after an extended period of low rates causes investment managers to become risk averse). In turn, the Fund could finance this liquidity by intermediating swaps with central banks (and thus guaranteeing central banks against default).