The pandemic may bring us to a decision point sooner than we had anticipated. Next, I’d like to look at a major program of payment system modernization underway in Canada. Consumers and businesses will see the benefits of this  I would like to thank Scott Hendry, Darcey McVanel, Christopher Reid and Francisco Rivadeneyra for their help in preparing this speech.
If it wasn’t already necessary beforehand, the crisis has certainly forced a rethink. Against that backdrop, it appears urgently necessary to change the rules. If banks were required to hold capital against the risks of their government bond portfolios, this would make them more resilient to fiscal distress.