Crisis management and resolution: early lessons from the financial crisis.

This paper compares the policy choices in the recent global financial crisis with those in past episodes and draws some preliminary policy lessons focusing mainly on crisis management tools and techniques.2 Country experiences in recent and past crises are examined with a particular focus on the extent to which policy choices have been affected by initial conditions and the nature of the crisis. The paper reviews the current state of financial and operational restructuring, as well as institutional reforms, in the light of lessons from past episodes, and provides policy implications for the near- and long-term agendas.