2  BIS Review 56/2010  Central bank cooperation One dimension of international cooperation that I consider to have worked particularly well during the financial crisis has been that among central banks – both bilaterally and channelled through the various Basel-based committees.
This institutionalised cooperation has ensured an unprecedented degree of collaboration in, for instance, the provision of cross-border liquidity – the network of temporary currency swaps or repos set up bilaterally by major central banks such as the Fed and the European Central Bank.