Joint efforts pay off
Central bankers were forced by last year's global contagion into acting in concert for once. Natasha de Teran reports on the market's reaction to this development
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 market
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