The policy changes in these circumstances are usually countercyclical, compensating for the predicted changes in employment and output, to increase short-run and medium run welfare.
Depending on the goals to be achieved, it involves some combination of restrictive fiscal measures (to reduce government borrowing) and monetary tightening (to support the currency).
Recent examples of such packages include Argentina's rescheduling of its international obligations (where central banks and leading international banks rescheduled Argentina's debt so as to allow it to avoid total default), and IMF interventions in South East Asia (at the end of the 1990s) when several Asian economies encountered financial turbulence.
See examples: This type of stabilization can be painful, in the short term, for the economy concerned because of lower output and higher unemployment.
It has been argued that, rather than imposing such policies after a crisis, the international financial system architecture needs to be reformed to avoid some of the risks (e.g., hot money flows and/or hedge fund activity) that some people hold to destabilize economies and financial markets, and lead to the need for stabilization policies and, e.g., IMF interventions.