Gordon Thiessen: Update on economic and monetary developments in Canada  Opening Statement by Mr Gordon Thiessen, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Trade and Commerce, Ottawa, on 6 April 2000. *  *  *  I very much appreciate the opportunity to appear regularly before your Committee.
The failure of the doctrine can possibly be explained by the much higher level of debt and leverage in the current crisis. 6. It is clear that there was inadequate understanding of systemic risks in the pre-crisis period and there was no framework to address them.