Brian Madigan, the executive vice president for markets at the New York Federal Reserve, has highlighted five rules on crisis management learnt from the crisis.

First, Walter Bagehot's dictum that to cushion the adverse effects of a financial panic on economic activity, a central bank must be ready to lend freely at a penalty rate, potentially to a broad range of counterparties, in a crisis continued to provide a useful framework for designing actions. However, he acknowledged the framework