On a smaller scale, the Portus, Norshield, and Norbourg affairs force us to look at ways to strengthen the application of the law in Canada. I do not deny the need to foster the development of a culture of compliance and the implementation of appropriate internal controls within financial institutions. Unfortunately, this is not always enough.
In sum, inflation is too high, it must come down, and we will keep at it until the job is done. Thank you. 1 These views are my own and do not necessarily reflect those of the Federal Reserve  Board or the Federal Open Market Committee. 5/5  BIS -