And the Financial Stability Board is doing valuable work with peer review and assessments to strengthen adherence to international standards. My hope is that we can build on these elements to deepen the engagement of systemically important economies on an international monetary and financial system that maximizes the benefits of economic and financial integration.
In Canada’s experience, the destination is one with open capital markets, robust and transparent policy frameworks—including monetary, fiscal and macroprudential policies—and enough exchange rate flexibility to promote the timely and symmetric adjustment to shocks. Effective and legitimate multilateral institutions are essential to this destination. To this end, continuing efforts to improve the governance of these institutions are important.