And we at the Bank of Canada have played our part. The Bank participates in several international forums where issues of financial stability are being debated. And we work closely with others to strengthen the international financial architecture by developing frameworks for the prevention, management, and resolution of crises.
The current tensions on some euro area sovereigns are therefore not only a euro area issue, but also have a European aspect and a global aspect. In comparison with most emerging economies, most advanced economies have to cope with a real challenge as regards their fiscal policies.