While it is possible that the recent trends toward deleveraging are actually diminishing the links between the financial system and commodities markets, this is a development that it will take time to assess. Conclusion Allow me to conclude. A sound and efficient financial system – both in Canada and globally – is essential for developing natural resources for the benefit of all Canadians.
As I have discussed, the relationship between the financial system and the commodity markets has strengthened over the past couple of decades. However, in the wake of the global financial crisis, new trends have emerged that are associated with the broad trend toward deleveraging by financial institutions.