Financial regulation needs unorthodoxy – Gopinath
The basic lesson of the crisis, which is that the existing regulatory framework has severe pitfalls, shows that a space for heterogeneity - the space for unorthodoxy, is needed, said Shyamala Gopinath, a deputy governor of the Reserve Bank of India.
Gopinath said there was a renewed effort to redefine the regulatory philosophy and principles around a different mould. She said the danger in this was that the organic mould would continue to derive its legitimacy from the pre-crisis framework
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