The crisis was a severe shock to international financial integration and cross-border banking. The large scale deleveraging by foreign banks, subsequent regulatory challenges and re-nationalization of capital markets was the order of the day. Participants at the conference were challenged to reassess the existing models of cross border banking, their benefits but also the risks, and to consider how a coordinated policy response and regulatory framework could ensure its survival and stability in the long term. As much as emerging markets had experiences in dealing with crisis, there was little previous knowledge as to how to deal with crisis originating from developed markets and dealing with the consequent widespread contagion. This time around even the foreign banks were unable to provide the expected stability and they also transmitted shocks in their balance sheets to host countries. This drew the global attention towards measuring new funding models for EME’s in capital market context. The perspective of sudden stop or reversal of capital flows for host countries was systemically important. The need for an ex ante burden sharing and a common supervision mechanism was stressed upon.