The ultimate goal should be an efficient and stable financial system, so that scarce resources can be channelled into the most productive investments, and so that problems in the global economy are less likely to disrupt national economies. While both Canada and Chile have reasonably flexible economies, there is still much more to be done.
In my own country, we continue to grapple with the need to make labour markets more flexible and to foster competition. We are also working to make financial markets as efficient as possible. As regards fiscal policy, the key for macroeconomic policy is to focus on the sustainability of public debt over the medium term.