In foras like the G20 and the Fund´s IMFC a coordinated policy response was instrumented, having as main objectives to stabilize financial markets so as to restart the intermediation of financial resources across countries and regions, and to implement countercyclical fiscal and monetary policies to contain the contractionary forces in economic activity and employment.
At the same time, the process of the dearly needed redesign of the international financial architecture was initiated. The signs in 2009 and 2010 were relatively encouraging.