Now, it is necessary to not lose momentum and to implement the proposed holistic approach to risk management. This means that systems and institutions need to look beyond their own operations and direct exposures to understand the broad range of disruptions that might affect them.
We have also seen a rapid rise in the external value of the Canadian dollar. This increase largely, though not entirely, reflects stronger global demand for Canadian goods and services. Against this backdrop, Canadian manufacturers have been getting more efficient. Indeed, we have seen a tremendous rebound in manufacturing productivity—output has increased even while the number of jobs has been reduced.