While the Sub-Committee under the Governor of the Reserve Bank is expected to evolve as a more active, hands-on body for financial stability in normal times, the FSDC would have broad oversight and will assume central role in crisis times. 30. There is another interesting dimension to the mandate of the FSDC.
Then I will focus on the regulatory treatment of sovereign exposures as one example of a regulatory gap that still needs to be addressed. 2. Still being minted: European supervision I remember well being a participant at the ILF and Freshfields conference in May 2015, when the Single Supervisory Mechanism was still in its infancy.