11  See the press release from the Council of 27 June 2013 on the draft bank recovery and resolution directive. 12  See the “Communication from the European Commission on the application, from 1 August 2013, of State aid rules to support measures in favour of banks in the context of the financial crisis”.
Today, I will touch upon some important international initiatives underway that aim to develop a macro prudential orientation towards regulation while strengthening the micro prudential aspect. I will then also talk about some aspects of the regulatory framework in India. Macro-prudential regulation Financial regulation was founded on the assumption that making each bank safe makes the system safe.