As these measures substitute for the intermediation function of the markets, we can probably say that a central bank’s Lender of Last Resort function has evolved to encompass the role of Market Maker of Last Resort. b. Global Lender of Last Resort  The recent global financial crisis demonstrated that systemic risk can spill over across national borders and have a global dimension.
The deepening of globalization had prompted financial institutions to broaden their intermediation activities into non-home currencies. This suggests that home central banks may have to confront the challenges arising from liquidity crises in non-home currencies.