Then the second stage emerged: the time of "credit contraction." In this stage, financial institutions  BIS Review 104/2008  1  have tightened their credit standards and their lending attitudes, and this has started to exert strong downward pressure on the economy. Most recently, a third stage has emerged.
The focus immediately after the crisis was the strengthening of the global banking sector through enhancing capital and liquidity buffers, risk management and an overhaul of corporate governance practices. One of the spillover effects of the global financial crisis was the emergence of decentralized finance (De-Fi).