Although these practices were more prevalent in the US, the European securitisation market was also impaired. By consequence, all ABS were demonized. The ECB together with the Bank of England were early supporters of a better functioning securitisation market for transactions that comply with the concept of simple, transparent and standardised ABS and duly take into account the lessons learnt of the crisis.
It is an honour to be invited to appear before you and to help you in your examination of the challenges facing Canada's manufacturing sector. As far as I am aware, this is the first time that a Governor or Senior Deputy Governor of the Bank of Canada has appeared before this committee.