Over the course of this turbulent year, financial firms and individuals have learned to do better – to better understand and manage the risks that come with investing and the use of credit. This is a welcome outcome. The past year has been a learning experience for all of us, including central banks and other policy-makers. The Bank of Canada's policy tools were tested.
Generally speaking, they were up to the job. Where we saw opportunities to improve, develop, and refine our liquidity-policy framework, we took them. Financial stability and liquid markets are important to the health of the economy.