Nevertheless, I am confident that we will continue to build on our initial success, reopening credit channels to consumers and businesses. Thank you very much for your attention. 6  BIS Review 69/2009
More generally, shadow banking is being replaced with market-based finance that adds diversification, competition and resilience to the system. As for the macroeconomic impacts, it has been apparent for some time that having well-capitalised, liquid banks is a pre-requisite—rather than an impediment—to growth. In those economies where reform has moved the quickest, the recoveries have been the most robust. 3  Indeed, the broader benefits of reforms are now being realised as the global financial system moves from fragility to resilience. Credit is now growing in all major economies. The cost of financing has remained low. Sources of finance are increasingly diversified between banks and markets. And the system is demonstrating an ability to dampen shocks rather than amplify them. The biggest question now is how to best take advantage of these years of hard work. In my remarks today, I will suggest three priorities. 1  “Some current issues in financial reform”, remarks by Mark Carney, Governor of the Bank of Canada, to the IIF, Washington DC, 25 September 2011. See: www.bis.org/review/r110927a.pdf. 2 The FSB conducts thematic and country-specific peer reviews (see http://www.fsb.org/what-we-do/implementationmonitoring/peer_reviews/) and the IMF conducts Article IV consultations and the Financial Sector Assessment Programme (FSAP) (see https://www.imf.org/external/about/econsurv.htm and https://www.imf.org/external/np/fsap/fssa.aspx). 3 Countries like Canada and Australia, with well capitalised and generally well-managed banks that did not require any bail-outs, saw their economies substantially outperform their peers in the wake of the crisis. Of the countries at its epicentre, those that moved most decisively, like the US, have experienced the fastest recoveries.