We should aim not only at promoting efficiency, but also transparency around operations in the financial system and about participants. In our region, the availability of information on the financial services industry needs to be further broadened, and financial literacy further enhanced. A comprehensive, timely and globally comparative collection and dissemination of information is critical.
At the same time, we maintain regular and open dialogue with the federal and provincial authorities that do exercise such responsibilities. And we share with them our analysis of potential vulnerabilities and risks.2 The Governor of the Bank of Canada is a member of the Senior Advisory Committee, a nonstatutory body that discusses macroprudential policy.