World's central banks act to ease market strains

November 30, 2011 - 8:15 AM

FRANKFURT, Germany (AP) — Central banks around the world say they are taking coordinated action to ease strains on the financial system.

The European Central Bank, U.S. Federal Reserve, the Bank of England and the central banks of Canada, Japan and Switzerland are all taking part.

The ECB said in a statement the banks are making it cheaper for banks to get U.S. dollar liquidity when they need it, starting next Monday. They are also taking steps to ensure banks can get ready money in any currency if market conditions warrant.