The New York Times
Wednesday, November 30, 2011 -- 8:52 AM EST
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Six Central Banks Take Joint Action to Enhance Global Liquidity
The Federal Reserve, the European Central Bank and four other big central banks took coordinated action on Wednesday to ease the strain of the European debt crisis on the world economy.
The Fed, the E.C.B., the Bank of Canada, the Bank of England, the Bank of Japan and the Swiss National Bank agreed to reduce the interest rate on so-called dollar liquidity swap lines by 50 basis points, among other measures.
"The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," the Fed said in a statement.
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