At this stage the limited direct links between our two financial sectors suggest that this is unlikely unless there is a more generalised reduction in risk appetite affecting global markets. BIS central bankers’ speeches  5  However, the IMF can only redistribute liquidity. It cannot lean against the retreat of private liquidity by creating official liquidity.
The final line of defence is to adjust monetary policy if the outlook for economic activity and inflation warrant. For those economies at the zero lower bound for their policy interest rate, this would likely mean the direct provision of additional official liquidity through quantitative easing, as the Bank of Japan and the Bank of England have done in recent weeks.