Second, I will discuss the risks to Canada’s financial stability that have emerged in the wake of the crisis. Third, I will focus on some important cross-border elements of the reform agenda.
Canada and the crisis It’s now well known that Canada came through the financial crisis better than many other major advanced economies, with a relatively short and shallow recession and a relatively strong recovery. It is now over two years since Canada regained its pre-recession level of both real GDP and employment (Chart 1).