Mr. Bernanke Explica Coordenação de Políticas de Bancos Centrais

Com o colapso dos mercados monetários internacionais, ação coordenada de BC's se fez necessária e o mecanismo utilizado é o de swaps cambiais (currency swaps). Mr. Benanke explica, em recente palestra no Banco Central Europeu:

"The emergence of dollar funding shortages around the globe has required a more internationally coordinated approach among central banks to the lender-of-last-resort function. The principal tool we have used is the currency swap line, which allows each collaborating central bank to draw down balances denominated in its foreign partner’s currency. The Federal Reserve has now established temporary swap lines with more than a dozen other central banks (The central banks include those in Australia, Brazil, Canada, Denmark, the euro area, Korea, Japan, New Zealand, Mexico, Norway, Singapore, Sweden, Switzerland, and the United Kingdom). Many of these central banks have drawn on these lines and, using a variety of methods and facilities, have allocated these funds to meet the needs of institutions within their borders."

Perry Mehring, da Columbia University, explica a economia destes swaps.