In two words, it was an underdeveloped bureaucratic financial system and supervision was moulded accordingly. The liberalisation of the financial system completed after Greece’s entry into the euro area, and the merging of many small banks into bigger units made the  BIS Review 10/2009  1  banking system very competitive.
Before I open the floor to you, it is important to note that Canada’s financial system remains robust. It will continue to benefit from enhanced policy measures as the G-20 reform agenda is implemented, both domestically and globally. With that, Carolyn and I are happy to take your questions. 2  BIS central bankers’ speeches