(E)  Regulatory governance to self governance  44. The primary role of the regulator is to issue broad guidelines to ensure standardized practices across the banks at the national level. In line with these broad guidelines, it is the responsibility of the bank management to develop their own internal processes, structures and governance framework based on their business model and overall business strategy.
A similar magnitude of expansionary fiscal and monetary policies in EMEs as seen in the last few years in coping with COVID-19 would, in the absence of massive global liquidity, have different implications for exchange rates, capital flows and inflation expectations.