Central banks return to collective action

After a series of individual efforts aimed at resolving money market tensions, the world's major central banks resorted to collective action on Thursday, injecting as much as $180 billion (€124.75 billion) into interbank markets through various swaps and credit lines.

The sweeping assault on prevailing tensions in the interbank markets following the collapse of Lehman Brother and the massive $85 billion emergency loan to American International Group, the world's largest insurer, is similar to