The path to a more resilient global financial system is further complicated by the two-speed  1  J. Chapman, S. Lavoie and L. Schembri, “Emerging from the Shadows: Market-Based Financing in Canada,” Bank of Canada Financial System Review (June 2011):29–38.
BIS central bankers’ speeches  1  recovery in economic activity, with relatively modest growth in advanced economies and increasing signs of overheating in emerging-market economies. Despite the challenging international environment, the Canadian financial system remains healthy. For example, asset quality at Canada’s major banks has improved further in recent months. Moreover, the aggregate financial position of our non-financial corporate sector is solid.