More importantly for Canada, the changes in China greatly increased the global demand for commodities as inputs for the production of manufactured goods and the construction of transport systems, housing and other urban amenities (Chart 10). The economic impact on Canada of these shocks was immense.
The fact that we are celebrating a supervisory law which was established so long ago might give an image of a static regulatory and supervisory system. Some sceptical observers even take the general view that supervisory structures are rigid and are only ever discussed critically after major disruptions in the financial system. As we know, this image does not correspond to reality.