For Canada, it is particularly important that we recognize this reality, given how open our economy is to international trade and capital flows.
The best approach to dealing with risks and sudden developments is to constantly ask ourselves what steps we can take to make our economy and domestic markets more flexible,  BIS Review 30/2008  1  and thus better able to adapt to changing circumstances. And we need to recognize that this is a shared responsibility among firms, workers, and policy makers.