It is imperative that both the centre and states in India return to a path of fiscal consolidation, for a number of reasons, including the need to preserve financial stability. VIII. Conclusion  Let me now conclude.
To summarize, I have alluded to how financial stability has been impaired during this crisis and the flaws in the central banking paradigm that may have been responsible for this. I have narrated some of the important international initiatives under way to preserve and strengthen financial stability.