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less prone to crises, Strengthening the role of the lender of last resort1. This could involve providing emergency liquidity, coordinating bail-outs, or acting as a

less prone to crises, Strengthening the role of the lender of last resort1. This could involve providing emergency liquidity, coordinating bail-outs, or acting as a market maker. Examples include the interventions of the Bank of England in 1825 and 1857, the Federal Reserve in 1907 and 2008, and the IMF in 1997 and 2010

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