I hope that my remarks today have helped to emphasize that behind the abstract concept of financial system efficiency lies a very important factor for the competitiveness of the Canadian economy. What can be done to improve things? I submit to you that our financial system does not need a comprehensive, dramatic reform.
There is, however, a genuine need for tenacious efforts from all financial system participants to bring about a long series of ongoing improvements—especially in the area of enforcement, competition, and innovation. As good economists, we at the Bank of Canada will continue to advocate efficiency. And, as for monetary policy, rest assured that control of inflation will help markets function as efficiently as possible.