In Canada and other major economies, central banks have lowered policy interest rates aggressively, and governments have announced sizable fiscal stimulus packages. The effects of these actions will begin to be felt in the second half of this year and will build through 2010.
But to ensure our long-term economic well-being, financial and credit markets need to return to good health and stay in good health. To that end, we need policies that promote a stable, efficient, and sustainable financial system. That is what I would like to discuss today.