Since then, work has progressed to a point where it is now concentrated on three priority actions. First, regulators around the world have to find ways to harmonise legal, regulatory, and supervisory frameworks.
One interesting conclusion from the ongoing crisis is that the way of doing monetary policy in such an extreme framework is not much different in emerging or developed countries. It could be framed as a matter of effectiveness of the available tool-kit. However, this is not a negligible point. Monetary authorities in emerging countries, are much more used to employ diverse tools.