ichard Quest, CNN's international business correspondent, says the banks' move will make it easier for financial institutions to get on with the daily business of lending between each other. However, it does not address the fundamental problems of the eurozone.

London (CNN) – The U.S. Federal Reserve, European Central Bank and other central banks Wednesday took co-ordinated action to oil the wheels of the world's financial system.

The move came as Olli Rehn, Europe's Commissioner for Economic and Monetary Affairs, warned the eurozone was entering a critical phrase to solve its debt crisis, which has deepened since Greece took its first bailout in May 2010. Rehn said the region has "10 days to complete and conclude the crisis response of the European Union."

Richard Quest, CNN's international business correspondent, says the banks' movewill make it easier for financial institutions to get on with the daily business of lending between each other. However, it does not address the fundamental problems of the eurozone.