To do justice to the global dimension of the crisis as well as to the growing importance of emerging market economies, the task of formulating a strong and coordinated response to the crisis was elevated to the level of the G20. The Financial Stability Forum was superseded by the more influential Financial Stability Board, which also had a much broader membership.
The Basel Committee broadened its membership as well, inviting countries from the G20 to join – among them South Africa. Meanwhile, central banks across the globe provided each other with swap lines to ensure a sufficient supply of liquidity.