Fourth, all countries must accept their responsibilities for promoting an open, flexible, and resilient international monetary system. Responsibility means recognizing spillovers between economies and financial systems and working to mitigate those that could amplify adverse dynamics. It means submitting to peer review within the Financial Stability Board and external review by the International Monetary Fund.
Strengthening market infrastructure A number of reforms are already under way both in Canada and globally to address shadow banking risks exposed by the crisis. Let me turn to one aspect I just alluded to, which is to strengthen market infrastructure.