In this regard, some of the short term efficiency gains may have to be compromised in the interest of broader financial system stability through containment of the contagion effects. Conclusion Much of the current debate on many issues centres on the epicenter of the crisis, the developed economies with relatively advanced financial systems.
The emerging markets, though, can bring a different perspective from their own past experience. Many of the  8  BIS Review 138/2009  emerging countries, including India, are part of the global effort in search of a harmonized framework but certain key differences in perspectives in these two sets of economies need to be appreciated.