Disruptions in Financial Systems
and Challenges to Regulation and Supervision
Chairman
Jaime Caruana 
General Manager, Bank for International Settlements, Basel, Switzerland
Co-chair
Usha Thorat
Deputy Governor, Reserve Bank of India, Mumbai
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(a) Need to re-visit Regulation and Supervision from time to time.
Recent crisis is viewed as the best example of several weaknesses in the regulatory structure of
the financial institutions in terms of supervisory oversight and relaxation in the
standards of prudent lending. Financial sector regulators did not have adequate skills to cope up
with the rapid growth in the variety and complexity of innovations in financial products in the
markets. The current financial turmoil, thus, enunciates the need to bring about institutional
changes so as to revise the regulatory and supervisory tools, techniques as well as redefine the
domains of public authorities, particularly in an integrated world.
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The Post-Crisis Fix: Regulatory or Monetary Policy Remedies
Lead Speaker
Stephen S. Roach
Chairman, Morgan Stanley Asia, Kowloon, Hong Kong
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Discussant
William White
Chairman of the Economic and Development Review Committee
of the OECD, Paris.
(Former Economic Adviser and Head of the Monetary and Economics Department,
Bank for International Settlements, Basel) |
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(b) Implications of Financial Innovations and the Related Challenges.
Financial innovations have necessitated the need to improve and adapt the regulatory and
supervisory structures in line with the changing financial landscape. At the same time, there is a need
to ensure that financial regulation does not come in the way of “good” financial innovations. Also
there is the added challenge to expand the regulatory and supervisory horizons to cover cross- border
systemic risks and greater cooperation among countries to avoid cross border regulatory arbitrage.
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Managing Financial Innovation in Emerging Markets
Lead Speaker
John Lipsky
First Deputy Managing Director
International Monetary Fund, Washington D.C.
Discussant
Stephen G. Cecchetti
Economic Adviser and Head of the Monetary and Economic Department
Bank for International Settlements, Basel |
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