As a case in point I would like to point out the Vienna Initiative, which was launched in early 2009 to avoid uncoordinated national crisis responses. A key element of the multi-institutional forum is the commitment of major banks to maintaining their exposure to the CESEE region. Containing financial outflows is important to regain financial stability.
In a world of deepening financial globalization, financial crises were usually associated with emerging economies and triggered by a sharp decline in the exchange rate. But this crisis was different in two respects. First, the epicenter of the recent crisis was in the advanced economies and the crisis spread out from there to many emerging economies.