The failure of Lehman Brothers highlighted the lack of a framework that would allow for the orderly resolution of a systemically important nonbank financial institution in the United States. Even where formal crisis-management frameworks existed, such as within the European Union, they were not always used in the heat of the crisis.
The reality is that the resolution of failing firms is still a national responsibility, even for institutions that operate globally. Early on in the crisis, authorities recognized that addressing the deficiencies made apparent by the crisis required an international effort.