The paper described the historical use of commercial bills in Bank of England operations, and suggests that by making more active use of the policy instrument of central bank asset choice, and by acknowledging the connection between liquidity regulation and open-market operations, central banks...

The financial crisis that began in August 2007 has blurred the sharp distinction between monetary and financial stability. It has also led to a revival of practical central bank co-operation. This paper explains how things have changed. The main innovation in central bank cooperation during this...