The financial crisis underscored the inability of major countries’ central banks, including the Federal Reserve, to control the damaging effects of falling or rising international financial markets....

The financial crisis underscored the inability of major countries’ central banks, including the Federal Reserve, to control the damaging effects of falling or rising international financial markets. Moreover, supranational organizations like the International Monetary Fund and the Bank of International Settlements were unable to offer substantial financial assistance to contain the spreading of the financial crisis.