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The Great Financial Crisis has triggered an ongoing assessment of what went wrong and what can be done going forward to prevent a similar financial crisis. This assessment has driven a broad policy response in the realms of monetary and fiscal policy as well as financial regulation and supervision. To date, the policy response reflects a common recognition that the numerous and far reaching benefits of financial integration are not without risks, in particular, the risk of contagion and the possibility of a landscape of future domestic, regional and global systemic crisis. To a very large degree policymakers have also developed these answers in common, in response to the mandate given to them by G-20 leaders at the summits in Washington in 2008 and Pittsburgh in 2009.
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