Just as the global nature of the crisis is unprecedented, so is the global nature of the response, as exemplified by the coordinated action being committed to by the G-20. Along with the coordinated fiscal and monetary policy actions, a comprehensive reexamination of the financial regulatory and supervisory framework is also underway around the world.
Against this backdrop, this paper attempts to analyse the emerging contours of regulation of financial institutions with an emphasis on the emerging challenges and dynamics. The paper is organised as follows: Section I provides a broad overview of the global developments which contributed to the current global financial crisis.