This stands out in sharp contrast to the rapidity with which prosecutors and regulators in major money centres have reached settlement with several universal banks for a range of crisis-related misdemeanors and malpractices, with record fines. The glaring absence of an efficient banking resolution mechanism may be a brake on our attempt to transform our jurisdiction into an international money centre. 22.
Let me make a point about the lower investment profile. It does not just mean slower growth in GDP, it also means a reduction in the economy’s potential, although to a lesser extent. When you add it all up, we project the output gap will close toward the end of 2017, somewhat later than we forecast in April.