The sub-prime crisis, which originated in the financial sector, left deep scars on the real economy affecting growth in advanced and emerging nations alike. The buck, not surprisingly, stopped at the common man, especially in emerging markets such as ours, who was left to bear the brunt of any crisis.
The potentially devastating impact of financial crises gave rise to a felt need to manage such crises, in particular, to put in place a framework to manage crisis, if and when they arise. A key attribute of the crisis situation is that it calls for decision and action with a view to managing and containing the fallout of the consequences of the crisis.