*  *  *  Mr. President, Distinguished Guests, Ladies and Gentlemen: It is an honour for me to welcome you all and particularly Mr. President to this Conference on SME Financing: Issues and Strategies.
Other countries such as Sweden and Australia are facing similar vulnerabilities. When it comes to non-financial corporate debt, the worries extend to both advanced economies, including Canada, and emerging economies. The quality of debt has declined, with about 50 percent of investment-grade corporate bonds issued in the United States and Europe now rated BBB.