There remains much work to do to encourage innovation, competition, and efficiency. I also spoke about the need to improve Canada's securities regulation so as to have uniform laws and regulations, based on principles that apply to everyone, but tailored to take into account the differing size and complexity of firms. There has not been as much progress here as I would have hoped.
Concerns over the long-term explosive path of pension expenditure alongside strong fiscal and financing pressures brought about a comprehensive reform of main pension schemes in 2010. The 2010 reform tightened pension entitlement rules (e.g.