Then I will discuss the particular role played by efficiency and regulation in the good functioning of markets, and draw on these theoretical elements to assess Canada's successes and how we can better rise to the challenges that await us. In the second part of my speech, I will look at the specific contribution of monetary policy to economic development.
These two parts of my presentation are closely linked since, as you know, the Bank of Canada uses financial markets as a channel for the transmission of monetary policy—which also strives to promote the well-being of Canadians. What have we learned from research? Many analysts have examined the relationship between the financial system and economic development.