In this context, other macroprudential measures, among them counter-cyclical capital requirements and regulatory requirements for systemically important financial institutions, are under consideration. At the same time, the crisis demonstrated the importance of establishing mechanisms for coordination among different authorities with the aim of preventing or facing this type of crises. Thus, in mid-2009 the authorities decided to create the Financial System Stability Council (CESF).
But investor sentiment worsened abruptly and dramatically towards the Central and Eastern European region at the beginning of the year. We faced the second wave of the crisis during the spring of 2009, as the entire Central and Eastern European region did. The exchange rate depreciated to historic lows, risk premiums and yields jumped up, region-wide concerns of banking failures intensified significantly.