At the same time, while negotiations and cooperation between regulators can overcome organizational barriers, it is not wise to give a regulator a responsibility and leave the tools for exercising that responsibility in other hands. The RBI has responsibility for managing the internal and external value of the rupee, and more broadly, for macroeconomic stability.
The Governing Council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. We are now at your disposal for questions. 2/2  BIS central bankers' speeches