Conclusion To conclude, the complexities relating to the global financial system in the context of strong national interests continuing to dominate public policy viewed in the light of Indian experience warrant, more than a legal basis, emphasis on three aspects, namely (i) the standards may be set domestically with a recognition that they have some international dimension also; (ii) the processes of setting, prioritising, incentivising, monitoring and reorienting should be consultative and participative in both domestic and international dimensions; and (iii) effective implementation is a complex and varied process with domestic legal framework being one enabling factor at this juncture.
But instead of a theatrical inspiration, I will resort to a cinematic one and talk about how I learned to stop worrying and love the basis.1 One of the main points that I want to make tonight is that the basis is not something to be always and everywhere feared.