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By Patrick B. Werthers

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S. banks [33]. S. Federal Reserve cut key interest rates by half a percentage point, a move that was matched by China and Norway [34]. 5 percent points to 3%. The cut was three times larger than any seen since the central bank‘s monetary policy committee was established in 1997 [35]. 25% [36]. The Czech Central Bank also cut its rates by a larger than expected three-quarters of a percentage point, while the Swiss National Bank lowered its rates by onehalf of a percentage point. 5%. Currency Swap Facilities In addition to reducing interest rates and providing liquidity by injecting capital directly into banks, the Federal Reserve and other central banks in Europe and elsewhere expanded short-term bilateral currency swap facilities by $180 billion to compensate for a dollar liquidity crisis.

The efforts by some EU members to address this issue has pushed the EU to consider an EU-wide approach. 26 James K. Jackson Within the EU, however, integration of the financial services sector across borders has been uneven, with integration progressing faster in the money, bond, and equity markets, and slowest in the banking sector where many of the policy changes likely will be focused. According to the European Central Bank, [9] retail banking services remain segmented along national lines as a result of differences in national tax laws, costs of national registration and compliance, and cultural preferences.

Soon after this takeover, Lehman Brothers filed for bankruptcy, which led to a more wide-spread crisis of confidence, and which, in turn, led credit markets to freeze up and led to a lack of liquidity. Given Lehman‘s far-reaching exposure in the financial markets, its collapse likely would have had a negative impact on the financial markets under normal circumstances, but the impact was magnified by underlying weaknesses in the markets that had been building over 30 James K. Jackson time. In particular, Lehman was heavily involved in the $57 trillion credit default swap (CDS) [20].

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