The resolution mechanisms that came to the fore had to contend with new and complex web of the financial world involving credit default swaps (CDS), special investment vehicles (SIVs) and credit ratings.
Monetary authorities in the advanced economies were the first to resort to an aggressive monetary easing first by reducing policy rates and then by using their balance sheets in unconventional ways to augment liquidity. The large scale economic downturn accompanying the financial crisis also led to activation of counter-cyclical fiscal policy of unprecedented magnitudes.