What lessons do we need to learn from the experiences of recent weeks – both for banks’ risk management and governance as well as for supervision and regulation? Have we underestimated the risk of financial crises? Is the financial system sufficiently resilient to shocks? It is certainly too early to provide any definitive answers to these questions.
*  *  *  Introduction Less than a year ago, much of what has happened in the Indian economy since last October would have been hard to anticipate. I recall, around this time last year, the most frequently asked questions (FAQs) were, what are the factors that put India on a high growth trajectory and what can we do to remain there?