BIS Review 116/2007  3  The Federal Reserve's initial action was to increase liquidity in short-term money markets through larger open market operations – the standard means by which it seeks to ensure that the federal funds rate stays at or near the target rate set by the Federal Open Market Committee (FOMC). A number of other central banks took similar steps.
In this period of global convergence where competition is the norm and banks are measured against rigorous standards, one strategy that enhances the likelihood of survival and sustained viability is to go the way of mergers and consolidation.