During the early days of the Global Financial Crisis in 2007, the European Central Bank (ECB) set up a swap agreement with Sveriges Riksbank to provide euro liquidity in the case of adverse developments and to support market functioning. Sweden’s central bank could borrow a maximum of EUR 10...

In response to the Global Financial Crisis (GFC), finance ministers of member countries of the South Asian Association for Regional Cooperation (SAARC) agreed in 2009 on the need for bilateral arrangements to tackle short-term credit contractions and financial market disruptions. In 2012, the...

The collapse of Lehman Brothers in September 2008 led to a severe liquidity crisis in Hungary, which is part of the European Union but does not use the euro. Hungary’s banking system was vulnerable to short-term liquidity withdrawals by foreign banks. In October 2008, the Hungarian central...