Repo lines from the Federal Reserve also proved to be a valuable backstop for central banks with no access to swap lines, as they prevented further fixed-income asset fire sales under stress. IMF programs, four Latin American countries extended or acquired Flexible Credit Lines, and others used traditional assistance programs.
The crisis initiated a comprehensive reform of regulatory and supervisory framework of the banking sector, including new capital requirements, structural changes, as well as the Banking Union with the Single Supervisory and Resolution Mechanisms. The regulatory and supervisory reforms are still partly ongoing, and they need to be carefully completed and implemented.