While this applies to all parts of the public sector, it is perhaps most critical for those who are responsible for the country’s economic and financial framework - including us at the Bank of Canada. Creating and maintaining this framework, in the context of a changing global environment, will be a daunting challenge indeed.
Part of that challenge will come from developing a public policy framework that has two dimensions. First, it must have enough consistency with the rest of the world so that we remain open to competition and to the flow of ideas from abroad.