FT: Finnish study of central banks

...“central bank actions bear witness to … convergence rather than divergence,” argues the paper. The maturities of open market operations, for example, were extended by all central banks in the study (the RBA, ECB, SNB, Riksbank, BoJ, BoE, Fed and Bank of Canada) – many up to 12 months. All central banks expanded the list of assets accepted as collateral. Many broadened their range of counterparties. Swap lines were opened to aid liquidity. All central banks other than Canada and Sweden have started purchasing securities outright, vastly expanding their balance sheets...Central bank balance sheets as a proportion of GDP have roughly doubled...

Central banks now adopt explicit market-orientated goals, such as influencing long-term yields, improving liquidity, calming the markets and reducing risk premia.