Owing to the size and complexity of cross-border linkages in banking and financial markets, when a major financial institution or market is impaired in one country, shocks can quickly spread to the financial systems of other countries. During the crisis, differences in rules – and in interests – across jurisdictions impeded the resolution of financial institutions such as Lehman Brothers.
Prof. Dilip Nachane, who would join us in the afternoon, is Professor Emeritus, IGIDR-Mumbai and was a member of the Reserve Bank’s Technical Advisory Committee on Monetary Policy (TAC-MP) and the Prime Minister’s Economic Advisory Council (PMEAC) for a long time. He will be chairing the Panel Discussion on the Conference-Theme. Let me also welcome Dr D.K.