MARK CLIFFE, CHIEF ECONOMIST, ING GROUP
"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."
WAYNE KAUFMAN, CHIEF MARKET ANALYST AT JOHN THOMAS FINANCIAL IN NEW YORK
"All terrific news for short-term traders. You can't fight the Fed, and now that we're in a global economy, you can't fight the global central banks. They are pushing liquidity. The upside is bigger than the downside. There is tremendous stress out there, so doing something in a concerted effort to relieve some of the stress is a good thing.
"ADP news is very good news. The private sector is adding jobs. China reducing reserve ratios is also very good. Governments around the world are acting in concerted to relieve the strains on the system. Stocks are very undervalued based on comparing equity yields versus bond yields, which shows the stress of the financial system. Under normal circumstances, stocks would be a lot higher."
CHRISTIAN SCHULZ, BERENBERG BANK
"This shows that central banks across the world continue to cooperate and that the ECB, and its partners, are very aware of the funding stress that European banks are under at the moment.
"This decreases the cost of funding in U.S. dollars or other currencies so -- it's small -- but it's a boost to banks' profitability and gives them a better chance to shore up their capital ratios."
SAL CATRINI, A MANAGING DIRECTOR FOR EQUITIES AT CANTOR FITZGERALD & CO IN NEW YORK
"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."