Liquidity assistance (LA) operations that took place during the 2007-09 Global Financial Crisis presented central banks with a number of challenges. Notwithstanding important changes in the institutional and regulatory landscape, some of these challenges remain in place, and lessons drawn from the crisis experience remain highly relevant. Above all that LA should be provided swiftly but only when there is a clearly identifiable liquidity problem and when other tools are not available. It should also be supplied in ways that ...
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