The European Central Bank (ECB) sought to put its mistakes of last week behind it with a new €750bn asset purchase plan while the US Federal Reserve, the world's most powerful central bank, unleashed its third emergency credit programme in two days.
Markets initially rallied on the ECB news, but many traders' screens soon turned red again as stock markets struggled to reverse recent big losses
Investors sought safety by buying US dollars and dumping other currencies. The British pound added to its already significant losses.
What appears be happening is a spiral that is leading inexorably to a "sudden stop" in financial markets despite the billions of dollars, euro and yen in emergency injections from the world's central banks.
Each time the world's central banks undertake new actions to create liquidity, the scramble for cash reignites.
The weakness in the ECB's new grandly named and alliterative Pandemic Emergency Purchase Programme (PEPP) was in its use of the word "envelope" when referring to what had been billed as a €750bn package.
The money in the envelope is not actually there. There is no firm commitment and Antoine Bouvet and Benjamin Schroeder of ING warned there was a "material execution risk in the first weeks of the new programme".
That could put the ECB's credibility into question at a time when they need it most.
Dozens of retailers here including Penneys, River Island, Carrolls Irish Gifts, Brown Thomas, Eason and Dealz want a 12-month rates freeze and a 50pc cut for six months after that to prevent an all-out collapse of the sector due to the Covid-19 crisis.