initiatives and are evaluating the adequacy of these measures as see “ report of the financial stability forum on enhancing market and institutional resilience ”, fsf, april 2008. well as their implementation to assess whether it needs to be done more. having said that, i would like to underscore again that the interventions of public authorities cannot substitute the need for the market to enhance disclosure by providing information that will facilitate the assessment of the situation of financial institutions and financial instruments. this will eventually lead to reinstatement of confidence in the ability of the financial system to manage risks properly. despite the rich flora of various market - and regulatory - led initiatives, which i truly acknowledge, there is no room for complacency, either from your perspective or from the policy side. serious efforts are needed to restore deep and orderly functioning markets which offer true secured funding possibilities. we therefore very much welcome the different initiatives and proposals made by various market associations, such as your institute. your final report on market best practises earlier in july includes a bouquet of various recommendations that are important to restore the market functioning again. it is thus of utmost importance that individual market participants, independently of iif membership, follow these recommendations. at the same time, there should be no stretching of timetables for enhancing disclosure, including of off - balance sheet instruments, as this is essential to bring market confidence back. thank you for your attention.

with the federal reserve, and granted at a fixed rate equal to the marginal rate of the simultaneous federal reserve tenders. the first two operations, for an amount of usd 10 billion each, were settled in december 2007 and renewed in january 2008. similar operations were also carried out by the swiss national bank. these liquidity - providing operations did not have a direct effect on euro liquidity conditions, but were conducted to address the funding of euro area banks in us dollars and aimed at improving global funding conditions. since these coordinated actions, the g - 10 central banks have continued to work closely together and to consult regularly on liquidity pressures in funding markets. owing to continued pressures observed in the money market, the ecb, as well as the swiss national bank, resumed in march 2008 the us dollar liquidity providing operations in connection with the federal reserve term auction facility, every second week for as long as needed, and for an increased amount of usd 15 billion each. this amount was further increased to usd 25 billion each on 2 may 2008, and in august the eurosystem agreed to extend the maturity of a fraction of the taf operations to 84 days. it is important to stress that the action in connection with the taf marked, to my knowledge, the first systematic and multilateral central bank co - operation in the money market field, a market which is central to the implementation of a central bank ’ s monetary policy. in my view, the taf operations have been successful, as they were well received by market participants ’ high demand, and succeeded to address the liquidity challenges in the global term money markets. one interesting remark around the participation in the taf is why banks would prefer to participate in the european usd auctions instead of obtaining the usd directly from the fed via their taf auctions. there are several possible explanations to this. first, and rather obvious, some european banks have no direct access to the fed and its taf auctions. second, the european central banks participating in the taf have different lists of eligible collateral which for some banks have made the access to usd easier. third, european auctions for us dollars provide a better timing for european banks. 4. lessons for central banks going forward, what preliminary lessons can we draw as central bankers from the ongoing turbulence? 4. 1 lessons for the implementation of monetary policy in the past common central bank wisdom was to say that there is no unique way to implement monetary policy. the currently prolonged dislocation