The paper from India presented the growing interconnected dimension of the financial system and highlighted the significance of systemic risk analysis. The stimulating panel discussion that followed was anchored by Mr. T.N. Ninan, President, Editors’ Guild of India. Financial stability in the post crisis period has thrown several unanswered questions. First, the issue of price stability vis-à-vis financial stability.
Second, the post crisis institutional arrangements for financial stability. Third, the challenge of implementing the international regulatory and supervisory reforms by SAARC countries with country-specific adaptations. This relates to the Basel III framework, regulation of SIFIs and OTC derivatives markets. Fourth, the challenges of micro-prudential supervision in ensuring stability at the systemic level and the importance of macro-prudential policies.