This overview paper examines the financial crisis in light of past country experience and economic theory and draws preliminary policy recommendations. A number of facets of the crisis are detailed, including its origins and spreading factors as well as crisis resolution polices and their associated gross and net fiscal costs. The implications of the crisis on key macro-economic variables are subsequently presented. Finally, preliminary policy recommendations for both addressing the economic downturn and enhancing the resilience of the economies over the medium to long-term are discussed.