While on a yearly basis this may not sound like much, cumulatively the differential was rather significant and can explain most of the trend depreciation in the Canada-U.S. exchange rate over this period. As for the cyclical swings that accompanied the trend depreciation of the Canadian dollar, they reflected a number of factors.
With more flexibility come new responsibilities Nevertheless – and here I have to put the strongest emphasis – with more flexibility come new responsibilities. While becoming more open to innovations, we – I mean both industry and regulators – cannot turn a blind eye on the associated risks. First of all – cyber risks, which, under intensifying digitalisation processes, attract elevated regulator attention.