Central Banks Augment Currency Swap Capabilities
November 30, 2011 at 14:34 PM EST
The U.S. Federal Reserve, European Central Bank, and central banks of Canada, England, Japan, and Switzerland today announced a coordinated monetary action that could provide added assistance to interbank lending in the event of a further deterioration in global financial markets. Here I offer some thoughts on what the action signifies. First, a little background. [...]