As one example amongst many, I would like to mention the fact that the ECB has been providing with eurodenominated collateral US dollar liquidity to the European counterparties through swap arrangements with the Federal Reserve that have no precedent.
This action reflects, as much as all the other common actions, the intimate level of trust and cooperation within the community of central banks and, in particular with the Federal Reserve, whose value has been priceless. I have mentioned the exceptional liquidity support by central banks as the “first line of defence”.