31  See IMF (2012) as well as Ostry and Ghosh (2013). 32  See Forbes et al. (2012). 33  See Rajan (2013) and Ostry and Ghosh (2013). BIS central bankers’ speeches  7  contributing to the stabilisation have evolved into a standing swap facility among six major central banks.
This contributes to stabilisation in a globalised world economy while respecting the mandates and independence of central banks. It would be a mistake, however, to believe that central banks can solve all problems. Central bank actions aim at providing liquidity, ensuring the proper transmission of monetary policy and contributing to financial stability.