Central Banks Taking Joint Action to Ease Debt Crisis

In lecture we discussed the important role of banks in the economy, and with the growing concern of the European Debt crisis, the major central banks are now taking action to ease the debt crisis. The participants in the action include the Federal Reserve, the Bank of England, the European Central Bank, the Bank of Canada, the Bank of Japan, and the Swiss National Bank. According to the NY Times, the banks are quoted as saying "The purpose of these actions is to ease strains in financial markets are thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity."

http://www.nytimes.com/2011/12/01/business/central-banks-move-together-to-ease-debt-crisis.html?_r=1&ref=business