18 Bid-ask spreads and price-impact measures point toward liquidity that is good by  14  See Duarte and Eisenbach (2013). See Financial Stability Oversight Council (2016) and Financial Stability Board (2016). 16 The SEC approved the proposed rule on October 13, 2016. See U.S. Securities and Exchange Commission (2015a). 17 See U.S. Securities and Exchange Commission (2015b).
But the definition of financial stability remains largely informal. He emphasised that the financial stability mandate and governance arrangements for central banks must be compatible with their monetary policy responsibilities. For the SAARC countries, given the levels of development, he underscored the point that financial literacy and financial inclusion goals should not get marginalised because of the overdrive for financial stability.