Monetary and fiscal policies are the economic policies that are pursued in the solution of macroeconomic instabilities. Solutions to economic problems, to be produced by monetary policies, are built on the channels through which monetary policies could influence the economy. Especially time periods of financial crises are closely related to the healthy operation of monetary transmission channels. Monetary transmission channels played a significant role in the spread of the 2008 global financial crisis, which started in 2007 and peaked in 2008, since the crisis primarily affected financial markets. The aim of this study was to provide an assessment of monetary transmission channels and of how the 2008 global financial crisis became a global issue through these channels. It was concluded in the study that all transmission channels played active roles in the spread of the crisis.