Cross-participation in the governing bodies of the different authorities should limit coordination problems, but it is clear that the European regulators will be called upon to make efforts in this direction. Indeed, a proposal for a Memorandum of Understanding among the ESRB and the ESAs on the division of responsibilities between micro and macrosupervisors is now being discussed.
Measured at annual rates, this represents a loss of more than $ billion in national income, or about $ for every Canadian. This shock is leading to significant and complex economic adjustments in Canada – in effect, a reversal of the forces that drove our economy during the years when resource prices were rising.