We had our crises earlier. In the 1970s, we lost our monetary anchor, and suffered the harmful consequences of high and variable inflation. In the mid–1980s, two Canadian banks failed and two more were saved only by merging with larger institutions.
Differences of opinion regularly occur, but they are a source of strength rather than conflict within the institution. They add liveliness to the debate and richness to the decisionmaking process. The System is a treasure-trove of data, research, and institutional memory about the economy and the financial system. It is stimulating, and occasionally exhausting, to be surrounded by so much brainpower and intellectual curiosity.