Recent crises have highlighted the need for countries to adopt safety-first strategies rather than adopting strategies that might maximize short-term growth. In this paper, I consider three central policy areas: exchange rate regimes, liquidity policies, and banking sector policies, in an attempt to give a better picture of safety-first strategies. These are, in themselves, three very broad areas and, consequently, the treatment is highly selective. Moreover, in each area there is already a substantial literature. Hence, once again, selectivity wins over comprehensiveness in an attempt to add value.