We noted, for example, that a few of the monetary policy changes in our sample were followed by what seemed to be excessive or otherwise unusual stock market responses. A number of these responses occurred rather recently, during the Fed's series of rate cuts in 2001.
This interest stems not only from our oversight responsibility for systemically important payment systems under the Payment Clearing and Settlement Act, but also from the important role these systems play in the transmission of monetary policy. Indeed, working with you and other stakeholders to improve payments falls squarely within our mandate to promote the economic and financial welfare of Canada.