*  *  *  Over the past year, I have spoken a number of times on the topic of efficiency, and why it is so important for Canadian policy-makers to keep in mind the goal of an efficient financial system.
However, a self-sustaining recovery in domestic demand is unlikely to gain momentum for some time, since production is expected to be virtually unchanged for the immediate future while downward pressures such as excessive labor input and debt persist. In addition, as for the outlook for the external environment, there still remains uncertainty about, among other things, the recovery of the U.S. economy.