These issues are being examined by securities commissions and others. So, to sum up the macroeconomic side, the frameworks for our monetary, fiscal, and financial stability policies are second to none in the world, and do their job to support and encourage efficiency. But on their own, sound macroeconomic policies are not enough. Canada also needs microeconomic policies that spur competitiveness and support efficiency.
Let me now review a few of these structural issues. I'll begin by talking about financial institutions, then address issues of efficiency in securities markets, enforcement, pension regulation, and fixed-income markets.