At their April 2009 meeting, the G-20 leaders collectively committed to take decisive, coordinated and comprehensive actions to revive growth, restore stability of the financial system, restart the impaired credit markets and rebuild confidence in financial markets and institutions. The crisis has forced macroeconomic policy around the world into clearly uncharted territory.
Governments and central banks took largely unprecedented fiscal and monetary policy measures to prevent the global recession from turning into a protracted depression. Some analysts said this was an over reaction. Others criticized the tyranny of the short term compromising medium term sustainability.