One should not forget that not long ago a number of severe financial crises posed a major threat to the international financial system: the debt crises during the 1980s, which started in Poland and Mexico and spread to Latin America, Africa, the Middle East and the Soviet Union; the Mexican crisis in 1994; the Asian crisis starting in 1997; the Russian crisis in 1998; and the Argentinean crisis in 2001-02.
The international community managed to resolve these crises successfully, with each crisis bringing about a learning process. Each case was different, the underlying reasons were different, and hence the necessary responses had to be adapted to the specifics at that moment.