15 For a history of how Canada has benefited from trade openness, see S. S. Poloz, “Canada at 150: It Takes a  World to Raise a Nation,” (speech to Durham College for its 50th anniversary, Oshawa, Ontario, 28 March 2017). 16 There is evidence that following trade liberalization agreements, many lower-productivity firms shed workers or  do not survive.
At the same time, institutional safeguards are required in order to ensure that heterogeneous developments do not become self-reinforcing and pose a threat to overall macroeconomic stability. Here in the euro area, we have to acknowledge that economic conditions have, today, become increasingly heterogeneous.