This crisis has underscored the importance of effective contingency planning and open cross-border dialogue between authorities. Lack of information can quickly lead to uncoordinated measures to the detriment of all. Under the aegis of the FSB, central banks, supervisors and Governments are maintaining close dialogue and co-operation during this period of heightened uncertainty.
The overarching objective of the recommendations of the above mentioned committees has been to reduce the probability of occurrence of the crisis in future and to enable the banking industry to withstand in case crises are to occur.