Central banks collaborate to ease interbank woe

In one of the most significant co-operative central banking efforts of modern times, five of the world's most powerful monetary authorities joined forces in a bid to restore order in the interbank markets.

The Federal Reserve, the European Central Bank (ECB), the Bank of England, the Bank of Canada and the Swiss National Bank all announced measures to inject extra funds into the markets after the federal funds rate cut on Tuesday failed to bring interbank dollar lending costs down. The centra