Then, I’ll elaborate on the two issues I’ve identified. I’ll welcome comments and questions at the end. The Canadian economy The global economic recovery is under way, but it is an uneven one. In the emerging-market economies, growth has been vigorous – indeed it has been stronger than we expected a few months ago.
However, the national systems currently vary a great deal, so that the first priority ought to be harmonization of the national systems of deposit insurance. The European Commission has made proposals in this direction. There are also a number of other regulatory initiatives in addition to the banking union. Some initiatives focus on increased transparency in the financial markets.