The Bank of Canada works with partners in other countries on initiatives to strengthen the international financial system. The goal is to minimize the risk of a financial crisis in one part of the world spreading across borders. But that’s a topic for a whole other speech.
So to summarize, Canada’s macroeconomic and prudential policies generally do the job they are supposed to do in supporting efficiency. But let me be clear - we are not complacent; we are always looking for ways to improve. Continuous improvement is essential.