11  For example, the U.S. measure, published by the Bureau of Labor Statistics, which includes discouraged workers plus marginally attached workers, stood at 11.4 per cent in December 2009. 12  See Philip Cross, “The changing cyclical behaviour of labour productivity,” Canadian Economic Observer, January 2010, Statistics Canada.
We also find ourselves looking at a less auspicious anniversary, namely that of the still ongoing debate on Basel III – I spoke to you at this very occasion one year ago. Which is why I would like today to offer an answer on where we stand right now.