1  BIS Review 64/2000  It is also clear that while several initiatives are proposed at the global level, the task of preventing a crisis is essentially a national responsibility though an enabling international environment is sought to be put in place to facilitate action by individual countries.
No doubt, in today’s globalised world, prevention of crises as well as mitigating the effects require multilateral efforts, but the social consequences of such crises are to be met by the national governments concerned. In this sense, the ultimate responsibility in regard to crisis prevention and management rests primarily on the policy makers of the countries concerned.