The next stage was a development of the "credit crunch"; losses incurred by financial institutions that possessed a large amount of securitized products expanded, and their capital bases were impaired. As a result, financial institutions tightened their credit standards and their lending attitudes, and this started to exert strong downward pressure on the economy.
And I will talk about some of the lessons that we have all learned during the past couple of decades. Policy-makers in both Canada and Mexico have drawn on these lessons to improve our macroeconomic policy frameworks, and thus to better manage and adjust to change.