It was important for global central banks to take concerted action to inject liquidity to markets, European Central Bank President Jean-Claude Trichet said today.
Global central banks teamed up today to announce billions of dollars in liquidity for strained credit markets for the second time in three months, boosting stock markets.
"I don't comment on market evolutions on a day-to-day basis," Mr Trichet told reporters at a news conference following meetings between euro zone central bankers and their Gulf Arab counterparts in the German city of Mainz.
"I would only say that yesterday my colleagues of the Governing Council of the ECB and the other central banks have demonstrated co-operation at a global level to supply liquidity.
That is something I trust is important. "The simultaneous display of actions at the same minute was important."
Mr Trichet also said excessive moves on foreign exchange markets were a concern, echoing comments made on Monday after meetings with other central bankers at the Bank for International Settlements in Basel.