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That "tough-line attitude," they added, had caused the recent increase in interbank funding costs.
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The increases in interbank rates show central-bank attempts to breathe life back into money markets have failed, even after the US Congress approved a $700bn £388.9bnn) plan to buy up toxic assets from bank balance sheets.
As such, this gives rise to a sudden increase in implementations of interbank real-time retail payment systems over the last decade.
Even after the seizure in interbank markets in August 2007, macroeconomists misread the danger.
Because banks lack the liquidity to cover these positions, they must raise it in interbank markets.
Interestingly, a steep decline in interbank lending, a form of wholesale funding, was important in both episodes.
Meanwhile, the Chinese authorities have tried to rein in excessive lending, leading to a spike last week in interbank borrowing rates.
The bonds become less valuable as collateral in interbank lending transactions, forcing banks to use more costly forms of credit.
Many other Northern European banks say that the drought in interbank lending is not a big problem.
The move is also likely to help improve cash circulation in interbank market.
In particular, an increase in the TED spread caused by liquidity shortages in the global interbank market adversely affects foreign banks' lending growth to Latin American countries.
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