I will share with you some of our findings and what we think they say about the journey Canada’s economy is taking. Although Canada came out of the recession earlier and recovered faster than other G-7 countries, our economic growth has been disappointing in the past year.
In particular, the Federal Reserve, the ECB and other major central banks cooperated closely and their concerted liquidity provision enhanced the effectiveness of liquidity management globally. There is an emerging consensus on the need to strengthen cooperation between the supervisory authorities responsible for major cross-border institutions and to promote a more convergent and consistent application of regulations.