Finally, there is need for an effective and focused communication strategy of “hope” on the part of the government that conveys the same message so as not to undermine the performance of the economy. 6  BIS Review 57/2009
In 2007, the Reserve Bank had issued draft guidelines for introduction of credit default swaps (CDS) in India. However, the issuance of final guidelines was kept in abeyance keeping in view the role of credit derivatives in the recent financial crisis. It was essential that we proceed with caution reflecting the lessons from the financial crisis in this regard.