Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

With respect to the U.K. system during the period of turmoil, banks’ initial reaction was to lower their reserve deposits, their contractual commitments. But they came to their senses and realized that holding more rather than less was a more sensible approach, and the Bank of England accommodated the banks’ desire both to increase their targets and to widen the bands.

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