But, because our prudential regulation is focused on protecting institutions, rather than supporting core financial markets, we have learned that there is still much work to do in this area. So I will also discuss some reforms that may be necessary to mitigate the effects of future global financial crises. I will close with a few words on the current economic situation in Canada.
The global financial crisis We have all heard a great deal about the tumultuous global events that began in the summer of 2007 as a result of rapidly rising delinquencies on subprime mortgages in the United States.