This was the moment when a series of coordinated and multilateral actions were taken in order to tackle the crisis. For instance, the coordinated policy rate cuts at the beginning of October 2008, by the U.S. Federal Reserve, the European Central Bank, the Bank of England, the Bank of Canada, the Swiss National Bank and Sweden’s central bank.
Later, U.S. dollar liquidity facilities, which had been established by the U.S. Federal Reserve and other central banks of advanced economies, were expanded in order to include emerging economies, such as Mexico, Brazil, Korea and Singapore. In Europe, injections of capital into the banking system in various countries were agreed upon, as well as the commitment to jointly confront the crisis.