The first act of the financial drama is still unfolding on the world stage. But as the banking crisis in high-income countries and its spillovers to the real economy are playing out, other actors are forced into the spotlight: enter emerging economies and a long absent player, the International Monetary Fund.

With contagion upon us, the international community has to act to support wobbling countries. In contrast to past crises, this time they are caught up in turmoil that is not of their own making.