Simultaneously, the other key features of a crisis situation, viz., the unpredictability associated with the event, the speed with which it typically unfolds and the uncertain but dangerous outcomes that it can spawn, suggest that it is necessary to lay down a comprehensive contingency plan which envisages, in a given context, all possible crisis situations of varying gravity and possible decisions and actions as well as the framework under which decisions can be taken and implemented.
A crisis management framework Evolving events since August 2007 have put to test arrangements for crisis management and financial stability across the globe. Swift and proactive action was indeed taken once the contours of the crisis started becoming clearer.