The Banking Union, with its SSM and SRM and their broad powers will not only give tools to handle problems but it will also have a powerful preventive effect. It enhances responsibilities of banks themselves and reduces moral hazard. I foresee such a change in the financial markets which takes place only once in a generation. BIS central bankers’ speeches  3
*  *  *  On behalf of the Reserve Bank of India, it is my pleasure and privilege to welcome all of you international delegates to India, to this wonderful city of Hyderabad, and to this RBI-BIS Seminar on "Mitigating Spillovers and Contagion – Lessons from the Global Financial Crisis".