Trichet: joint action sets precedent
Monday's decision to provide broad access to liquidity and unlimited dollar funding marked a "world premiere" in exceptionally-confident cooperation between central banks, Jean-Claude Trichet, the president of the European Central Bank (ECB), has noted.
The ECB announced on Monday, together with the Bank of England and the Swiss National Bank, that they will conduct tenders, based on a swap agreement with the Federal Reserve, dollar funding at seven-, 28- and 84-day maturities at fixed interest
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