BIS Review 13/2009  5  strong commitment of the international central banking community to anchor inflation expectations and addressing the macroeconomic background and the implications of the financial crisis. Fiscal policies On the fiscal side, governments around the world have announced a number of initiatives in order to tackle the effects of the financial crisis.
The nature of the fiscal measures has evolved with the development of the financial crisis and its propagation to the real economy. Government interventions initially focused on addressing problems at single institutions, mainly through rescues and provisions of guarantees.