BIS Review 118/2008  3  Thirdly, the relatively large scale of the open market operations has allowed the central bank to temporarily take over a significant intermediation function.
4.2  Increased international cooperation  As pointed out before, in addition to domestic operational responses, central banks have further strengthened their cooperation throughout the turmoil, first through enhanced information sharing and collective monitoring of market developments and later on by coordinated steps to provide liquidity.