Such macroprudential approach, which was not widely prevalent then, saved the domestic economy from the adverse shocks during the height of the crisis.
Several measures have also been taken to reduce the inter-connectedness among banks on the one hand and  12  10  Caruana, Jaime (2012), “Shareholder Value and Stability in Banking; Is there a Conflict?”  BIS central bankers’ speeches  between banks and NBFCs on the other, and limits have been placed on exposures to sensitive sectors to address the cross-sectional dimension of systemic risk.