Th e 2007-2008 crisis has encouraged renewed eff orts in four interconnected areas: the defi nition and measurement of systemic risk, the development of early warning indicators of fi nancial crises, the enhancement of supervisory and regulatory frameworks, and the strengthening of current crisis management and bank resolution frameworks. Work in these four areas is currently under way in central banks and multilateral fi nancial institutions as policy makers attempt to fi nd an eff ective and prompt solution to the problems posed by the crisis and seek to avoid future crises.