Canada's major chartered banks have confirmed that they are supporting their own bank-sponsored asset-backed commercial paper programs. As well, a number of major investors and liquidity providers have been pursuing an orderly restructuring for third-party structured finance asset-backed commercial paper. These initiatives should help support the functioning of financial markets in Canada. Now let me conclude by turning to developments in the Canadian economy.
This is also one of the key lessons of the Japanese experience. Fast-forward to early 2019. Due to the rapidly worsening outlook, the normalisation of monetary policy that started in June 2018 had to be put on hold.