Joint efforts pay off

Central banks

Last summer, what began as a localised private sector hiccup rapidly escalated to become a global public sector problem, leaving central bank officials to inject liquidity into drought-filled money markets. Along with contending with the root cause of the problem, central bankers face two pressing questions: how they should react to such situations in future and which, if any, of their long-standing practices they need to change.No longer isolated to a corner of the US subprime mortgage mark