The speed of change during the financial crisis, and of the regulatory responses to it, has particular resonance for borrowers who think in long time scales, such as governments. Six years have now passed since the famous Pittsburgh G20 communiqué, where many initiatives for the ongoing regulatory agenda to prevent similar crisis in the future were launched.
The United States—the jurisdiction most affected by the crisis—was the first to respond, with the Dodd-Frank Act. Other countries were slower off the mark, and this has led to differences  13  For well over a century, major Canadian banks have safely raised funding and managed liquidity through branch operations in U.S. money markets. See, for example, C. A .E.