The Canadian financial system has fared relatively well through this crisis, thanks to effective regulation and prudent practices that have worked like sandbags to protect our financial system from the storms in today's global economy. In this respect, we may be a model for much of the world.
But, because our prudential regulation is focused on protecting institutions, rather than supporting core financial markets, we have learned that there is still much work to do in this area. So I will also discuss some reforms that may be necessary to mitigate the effects of future global financial crises. I will close with a few words on the current economic situation in Canada.