Compared with our peers, Canada’s exposure to emerging markets is low when measured as a share of exports (Chart 21). The other third reflects declining competitiveness. This is manifest in our most important trading relationship, where we have lost considerable market share.
And that is why we have seen many new regulatory initiatives over the past few years. Today, seven and a half years after the collapse of Lehman Brothers – which for many was the beginning of the financial crisis – we are significantly closer to our goal than ever before.