Seamus Coffey: So much for central banks' pact ... we were here before and not so long ago
SIX of the most important central banks from across the world released a statement which began:
' Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures'.
This is just what the central banks did yesterday but the statement above was released on the 18th of September 2008. We have been here before.