The current global financial crisis is not a typical crisis with simple economic contraction. The crisis is caused by the endogenous risk generating and amplified within the banking system and credit market. In the past boom and bust cycle caused by excessive speculation is localized and caused by exogenous risk. This may be easily contained. In the past, another strong balance sheet financial institutions, rich nation, IMF or World Banks that have separated financial system may rush into rescue. But nowadays securitization process has spread out the risks to every part of the world. In the deregulated global finance, all banks' balance sheets are interlocked and cascaded by common factors like the fear of inability to price and to sell ABS CDO and CDS. As every financial institution reacts to the high uncertainty, banks stop lending to each other. Credit freeze and liquidity crunch. De-leveraging process (D-process) become self-perpetuating process as all institutions are forced to run down investment and risk participation (e.g. equity, lower grade debt, real estate..) most dependence on credit and liquidity and from long term credit vehicles (e.g. bonds, CDO..). Quantitative monetary easing, coordinated rate cut around the world and liquidity injection from the government may stem the panic and only stabilize the financial market, not a quick end to the worldwide recession. Liquidity problems among the financial institutions may be eased off, but the real economy is frozen. During de-leveraging process (D-process), monetary policy by central bank may not be effective to revive the economy though it may ease off pressure in banking and capital market. A well judge fiscal spending for pro-productivity growth policy beyond central bank's mandate is strongly encouraged; the fiscal stimulus for consumption is strongly discourage. Neither a new administration nor another fiscal package may provide a clear resolution to the crisis unless global banking and international capital market begin to function again. Global financial crisis is transforming to global economic crisis that need a global solution or at least a regional one. Blanket deposit insurance, Basel II compliance and IAS 39 amendment are among the topics of discussion in this paper in Thailand's context. A new way of coordinate public coordination policy (e.g. BoT's middle ground regulation relaxation, SME loan guarantee, etc.) should be thought out systemically as many lessons should be learned from the 1997 crisis episode. Internationally, the crisis time requires unorthodox measures. Fed and IMF have revealed their resilience and creativity to resolve the global financial crisis. Nevertheless this may not be enough because the global problem requires global solution with regional support. A new partnership among Asean with China, Japan and S. Korea should be pursued immediately to establish ABC Bank, the newly created mega development bank as the Asian version of combined World Bank and IMF roles. ACU, Asian Currency Unit with Asian regional currency backed up is presented for a new currency stock for a new era for more equitable Asian role in the financial world. The experiment with this idea is fine, but one should not lose sight of openness and market friendly policy as the core value.