What is important to note is that the global financial crisis has triggered a healthy discussion on the best approach to regulation and supervision. This will inform the regulatory process going forward, leading to better future outcomes. Let me now turn to our experience with financial sector reforms and regulation in India.
Central banks collaborated closely throughout the crisis; in particular, the Federal Reserve  9  See Brian F. Madigan (2009), “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at “Financial Stability and Macroeconomic Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 20–22.