While the global financial crisis (GFC) deepens with no clear signs of abatement, it is almost impossible to assess its full impacts on any economies, including that of Indonesia. Nonetheless, it is important to take stock of the impacts of the GFC on Indonesia and to assess the implementation and the progress of ongoing policy responses. In particular, our study scrutinizes policy responses from two key fronts, namely fiscal and monetary policies, and highlights challenges and potential shortcomings.