The crisis has prompted several relevant changes in the IMF lending framework in terms of additional financial resources, new financing facilities and cooperation with euro-area institutions; its surveillance is conducted within an enhanced legal framework and has become more attentive to international spillovers; ongoing governance reforms are further strengthening its legitimacy and effectiveness.
In many jurisdictions central banks have been given stronger supervisory powers and new bodies in charge of macro-prudential supervision have been created. The most profound wave of institutional innovation took place in Europe, where the sovereign debt crisis generated a leap forward in the process of unification.