Central banks the world over are funneling massive amounts of cash into their financial markets, hoping to boost confidence in the flagging systems.

Major European central banks pumped billions of short-term credit into the financial system on Tuesday.

The European Central Bank, which overseas monetary policies in the 15 countries in the Euro zone, launched its second one-day refinancing operation. A day earlier, the Central Bank added 30 billion euros to money markets.

In the US, the Federal Reserve has injected some 70 billion dollars into its fragile financial market, and says it is ready to pump in even more.