The epicenter of 2008 crisis was the US but capital flows to EDEs, including  BIS central bankers’ speeches  11  India, was severely affected. Now the epicenter has shifted to Europe but capital flows to EDEs continues to be impaired.
In this vein, we support efforts to improve the international financial system and to enhance the transparency of financial institutions as proposed, inter alia, by the IMF, to coordinate the work of banking supervisors as advocated by the Bank for International Settlements, and to work towards greater systemic stability with emerging countries as instituted by the G20.