In preparing and deciding upon the various operations, the Eurosystem remained, as usual, in close contact with other central banks, including in particular, but not exclusively, the Federal Reserve, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank. These other central banks also took steps, each within the parameters of their own operational framework.
When comparing the steps taken by the various central banks, it is important to take account of these differences in operational frameworks. In any case, it is important to stress that the Eurosystem has shown its capacity to react both promptly and effectively to these challenges.