Trade uncertainty As I said earlier, the worst of the restructuring in Canada’s oil sector appears to be over. After the shock hit, we expected a natural sequence to take hold; that is, stronger global demand— particularly from the United States—would lead to stronger exports. The depreciation in our currency would support gains in non-energy exports.
The regulatory and supervisory system worked as it is designed to do, and we are not seeing signs of broader stress. Indeed, those recent events were a pretty clear indication of the resilience of Canada’s financial system as a whole. Let me close by pointing out that the FSR includes a section that describes how we measure the resilience of the Canadian financial system.