Joint action of financial and political authorities
October 8, 2008 all the leading central bankers of the world, excluding the Bank of Japan and Russia, took the unprecedented decision of the simultaneous reduction of interest rates. The key rate of the U.S. Federal Reserve (Fed) was reduced from 2% to 1.5%, also 0.5 percentage points were cut rates Bank of Canada, Bank of England, Bank of Sweden, Swiss National Bank and European Central Bank (ECB). This decision was seen as a browser recognition of the global nature of the crisis, which requires coordinated action by major economies. The next day, followed suit Financial regulators in South Korea, Taiwan and Hong Kong, also reduce key interest rates.
October 10, gathered at a meeting in Washington of finance ministers and central bank governors of the Club seven (representing Russia Kudrin was invited to a working dinner "G") approved anti-crisis plan, replacing the traditional for such meetings the final communiqué, stating that they will take "urgent and exceptional action." Adopted a seven 5-point plan was "to use all available means to support systemically important financial institutions, preventing them from collapse," and other measures already implemented by the time the Governments of participating countries.
October 12, 2008 the leaders of 15 countries of the European Union at a meeting held in Paris, agreed to introduce a system of government guarantees for loans, the banks involved, as well as provide support to financial institutions that faced problems: security must be provided on interbank loans of up to 5 years; Government will be entitled to support banks by buying their preferred shares; system-banks, faced with difficulties, will be recapitalized through the budget.
October 13, 2008 European Central Bank (ECB), Bank of England and Bank of Switzerland, promised that a treaty on currency swap with the Federal Reserve System (FRS) the USA will provide "dollar funding in the amount necessary to meet demand in 2008 and 2009. The same day, British Prime Minister Gordon Brown called for a "new Bretton Woods."
October 14, 2008 the U.S. government "rescue plan" providing for the allocation of $ 250 billion to stabilize the financial system, some of which, namely the 125 billion will go to buy stakes in nine major U.S. banks, including: Bank of America Corp, Wells Fargo , Citigroup, JPMorgan Chase & Co, Goldman Sachs, Morgan Stanley and Bank of New York Mellon Corp. The plan provides for unprecedented in U.S. history, a partial nationalization of private banks that own Henry Paulson called "objectionable" but necessary to revive the economy.
November 14, 2008 Leaders of the Group of Twenty (G20) gathered at an anti-crisis summit. Following the working session, the summit adopted a declaration which, inter alia, general principles for reform of financial markets, the restructuring of international financial institutions, the obligation to refrain from the use of protectionist measures in the next 12 months (paragraph 13 of the Summit Declaration). According to Vedomosti newspaper on 17 November 2008 the specific measures contained in the annex to the Declaration and to strengthen the transparency of financial systems and products and the harmonization of regulation in different countries by March 31, 2009, are "high-priority requests that have no direct action" .
November 23, 2008 in Lima ended summit of leaders of member countries of the Asia-Pacific Economic Cooperation, which recognized that in the near term slowdown in world economic growth is "inevitable."
4 December 2008 the ECB and the Bank of England is significantly lowered base interest rates: A Guide ECB has lowered rates to 2.5% from 3.25%, although the expected reduction of up to 2.75% The Bank of England lowered its key interest rate by 1 percentage point - the rate dropped to 2%, its lowest level in the history of the Bank of England in 1694. The measure was taken in the face of the imminent threat of deflation.
2 April 2009 summit took great Twenties in London, which adopted the Plan of Action to resolve the global financial crisis. In particular, one of the most significant measures was the decision of the significant increase in IMF resources - up to 750 billion U.S. dollars in support of new SDR allocations amounting to 250 billion U.S. dollars.