Mr Menon said the US Fed's timely use of swap lines, which were "very creative new facilities", helped to stabilise markets. Capital outflows in some regional economies at that point in March also abated.
BT FILE PHOTO
THE severe stresses in the global financial markets in just about two weeks in March were enough for the Monetary Authority of Singapore (MAS) to dust off contingency plans for another financial crisis.
It gives a sense of the "great anxiety and stress" that reflected a...