Market microstructure will continue to be an important area of research at the Bank and, I hope, in the Canadian academic community as well. Payment, Clearing, and Settlement Systems. So far, I've talked about issues related to the architecture of the financial system.
I look forward to today’s presentations and discussion, but as the host for today’s program, I am going to take the opportunity to share some of my thoughts on the fiscal situation facing many countries, including our own. Of course, these are my views and do not necessarily represent those of the Federal Reserve Board or my colleagues on the Federal Open Market Committee.