The main refrain has been that accumulation of reserves by EMEs as safety-net entails domestic costs while also leading to global imbalances.
Finally, I’d note that the FSR features reports that take a close look at aspects of the Canadian and global financial systems. With this issue, there’s a report that analyzes the microdata related to household debt, as well as a review of mortgage securitization in Canada. These are very important and useful reports, and I hope you’ll take the time to read them.