Several issues have come to the fore. I will mention just a few. How can complex derivative products, which transmitted risks across the system, be made more transparent? What are the financial stability implications of structured products like credit derivatives? Are exchange traded derivatives better than over-the-counter (OTC) derivatives? How do we eliminate the drawbacks of the “originate-to-distribute” model?
Is universal banking, the model that the United States has now turned to, appropriate? Can we apply the same regulatory regime for both wholesale and retail banks? The burden of all the above questions is to identify the drawbacks in the present regulatory regimes and indicate possible solutions. There is no doubt that we must pursue all these questions.