Senior Deputy Governor Wilkins: Thank you, Governor. As many of you know, for over a decade, the biannual Financial System Review has been our main vehicle for communicating our analysis and research on developments related to stability of the financial system. The financial crisis taught us, the hard way, just how important it is to keep on top of financial system risks.
Although the emerging market economies performed better than the advanced economies, and became the engines of global growth through the crisis, they were nonetheless affected through the trade and finance channels and as a consequence their growth rates, too had been negatively impacted.