Financial system efficiency Before I conclude, let me say a few words about the financial system and the Bank of Canada's role in promoting its efficiency. As I have said before, an efficient financial system is critical to maintaining Canada's international competitiveness and long-term economic health.
But we would not even contemplate this move unless that country applies for assistance from the European Stability Mechanism, the ESM rescue fund, and accepts its conditions. At present, however, people are also speculating about new targeted longer-term refinancing operations, or TLTROs, for banks.