Moving to a single supervisory mechanism will tend to achieve this, the main challenges being how to do so without losing what is equally essential, the nose for local detail, rumour and feel of the market. Achieving the balance, which will require a subtle balance between national and central supervisors, will not be easy but can be developed over time.
Paul and I are pleased to appear before this committee today to discuss the Bank of Canada's views on the economy and our monetary policy stance. While conditions in the Canadian economy have improved since we met with you in February and April, many of the basic challenges remain.