As a result, preserving monetary and financial stability – the theme of this conference – is an ever more global challenge that requires global cooperation. The financial turmoil has underlined the importance of better coordination among public authorities at the international level.
From the start of the crisis in August 2007, central banks across the world have engaged in large-scale coordinated actions to support liquidity conditions in the global money markets. More recently, national governments have acted to shore up the capital base of individual financial institutions. Regrettably, but understandably, they did so in a largely uncoordinated way.