ABSTRACT
National governments have intervened in various ways, referred to as rescue, bailout or economic stimulus policies and programmes, often reflecting political positioning as much as sound reasoning. National governments implemented stimulus, bailout, and rescue packages, all designed to prevent the global Financial Services system from a complete collapse. Regulatory bodies such as the US Federal Reserve Bank, the European Central Bank, the Bank of Japan, the People's Bank of China, and the Bank of England have taken unprecedented measures to stabilise the global Financial Services system, to the best of their understanding. New regulatory bodies have emerged, such as the European Systemic Risk Board and the US-based Systemic Risk Regulatory Council, both chartered with monitoring of systemic risk; in addition, scope of existing regulatory bodies were broadened. All of these actions were of course taken in response to the financial crisis.
