[4] While bank lending has become easier, thanks to the lower financing costs and easier access to finance induced by monetary policy, equity finance is lagging behind in Europe. Economic policy uncertainty has also played a part in driving up hurdle rates[5] of investments as well as firms’ cash holdings, making them net lenders.  Longer-term structural factors are also at play.
The task ahead is challenging but I believe that with a common resolve it is not insurmountable. Ladies and Gentlemen, let me once again take this opportunity to thank OSFI and the Canadian International Development Association (CIDA) for supporting this workshop.