The McKean-Vlasov dynamics is a large system limit of the evolution 
of empirical measures of a weakly interacting system of particles. The 
empirical measure creates a field which then influences the evolution of
any single particle. The process of empirical measures is itself a Markov 
process which has relative entropy with respect to the invariant measure as a 
natural Lyapunov function. By scaling this Lyapunov function and
taking the infinite particle limit, we propose to arrive at a local Lyapunov 
function for the McKean-Vlasov dynamics. The approach is conceptually simpler 
than a prior approach, naturally identifies the desired Lyapunov
function, and clarifies why the Freidlin-Wentzell quasipotential associated 
with the interacting system is a local Lyapunov function. (The talk is based on 
ongoing work with Laurent Miclo.)