BIS stresses central banks' role in combating global liquidity problems

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The Bank for International Settlements on Monday released its December 2011 Quarterly Review. In the document the ability of prearranged liquidity-protecting mechanisms to cope with a global shock was questioned.

Precautionary reserve holdings and the supply of liquidity through mechanisms for redistributing official liquidity, such as International Monetary Fund programmes, special drawing rights allocations and regional support arrangements, will typically be sufficient in smaller scale region

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