At the outset of these remarks, I discussed the importance of sound risk management for financial system stability. Many lessons have been learned from the current crisis, and we  4  BIS Review 2/2008  can foster a more robust and more stable financial system through improvements in the critical areas that I have just outlined.
The benefits of such stability would be felt throughout the Canadian economy. The Canadian economy Let me close with some remarks about the Canadian economy. As we noted in our December policy announcement, the outlook for the world economy has deteriorated significantly since October. The global recession will be broader and deeper than previously anticipated. Global financial markets remain severely strained.