On 5 June, Dr. Subbarao did a speech at the Indian Merchants Chamber, which expressed views about the FSLRC treatment of systemic risk, which has spawned an interesting discussion:
- Speech by Dr. Subbarao, 5 June
- A pointwise response to the material on systemic risk in this speech, by Sowmya Rao.
- Why the RBI Governor D. Subbarao is wrong on regulating systemic risk, a column in the Economic Times by K. P. Krishnan.
- A column in Mint by Sowmya Rao and Sumathi Chandrashekharan.
- A helicopter tour of systemic risk regulation in the draft Indian Financial Code, by me.
I find myself repeating two things all the time on the draft Indian Financial Code. The first thing I say to people is: `Read the draft Code!' It is plain English and is fully comprehensible by anyone.
The second thing I say is: `Don't think about one section or one chapter at a time, understand the fuller interlinkages about how the whole thing fits together'. Very often, an apparently small modification to one section or one chapter would have legal effects beyond what is envisioned at first blush.
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