The largest central banks announced for the nearing holidays a massive common action designed to regain the trust in the financial markets, a press release of the US Federal Reserve informs. The international media comments that this is a very rare measure, being the first of its kind since the 9/11 terrorist attacks.
The measure involves the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank.
All banks aim at promoting the efficient dissemination of liquidity when the unsecured interbank markets are under stress. FED is expected to inject some 40 billion dollars, while BCE will participate with some 20 billions.
New York Times comments that several analysts welcomed the decision, still expressed their doubt that the measure will be enough to calm the tensions on the credit market.
The first effects of the collaboration are already felt on the oil market, the price per barrel decreasing on Thursday morning on the Asian electronic markets.