MARK CLIFFE, CHIEF ECONOMIST, ING GROUPAnd the winner is:
"It feeds into the idea that policymakers are at least beginning to address the problem. There was a very dark mood developing at the back end of last week. With the dire scenarios doing the rounds the last few days, it's all the more important they step in with aggressive measures to support the banking system and show they're beginning to confront the financing problems of the sovereigns as well."
TONY NYMAN, ANALYST AT INFORMA GLOBAL MARKETS
"From a currency perspective the move has given risk currencies real lift. The liquidity injection means the world's most liquid currency the Dollar is less required near-term and is currently being broadly sold.
"Such an operation usually gives pairs such as Eur/Usd, Aud/usd a fairly lasting lift. It is an emergency measure and of course will do very little to aid Greek and other EMU nations debt woes further out."
MARK THOMAS, HEAD OF ENERGY EUROPE, MAREX SPECTRON IN LONDON
"Initial reaction was bullish. The announcement caught markets by surprise and prompted short covering in dollar-euro and a firming in oil price. It is supportive. Difficult to predict for how long."
SILVIO PERUZZO, RBS ECONOMIST, LONDON
"This is something that is very welcome. This will not solve all deep-based funding problems which are due to the sovereign debt crisis. But there is an issue with dollar liquidity, especially with foreign currency and this measure addresses that. This helps the margin and also shows that central banks remain at unease with what certainly is very significant distress.
"We were expecting the ECB to deliver these measures next week ... the ECB has more scope to go, and we expect the ECB to announce more measures in next policy meeting (on Dec. 8). Now that is has done the swapline, there is scope to reduce the cost of liquidity banks get from the ECB regardless of the currency, and that goes via interest rates.
"Doing more on the collateral side is probably the second step. The ECB is helping the banking system while sovereigns do their homework."...MORE
SAL CATRINI, A MANAGING DIRECTOR FOR EQUITIES AT CANTOR FITZGERALD & CO IN NEW YORK'Struth
"Not a complete surprise. People were expecting China to do something before the end of the year, and given the stresses in the market there has been talk about the Fed backstopping what's going on in Europe. Desperate times and all.
"The move in (U.S. stock) futures is justified. Whether this solves our long-term problems remains to be seen, but when you flood the market with liquidity, risk assets go much higher."