Reflections on Developments in the Canadian Financial System
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Reflections on Developments in the Canadian Financial System

The speaker delivering his final public speech as Governor of the Bank of Canada. What the speaker means by “financial system.” Why the Bank of Canada puts such emphasis on financial system issues. A look back over the past seven years – particularly the last seven months. A discussion of some of the developments in terms of financial system issues. A brief overview of the bank’s role in the financial system. A review of some of the issues the speaker has raised over the past few years. Then, a discussion of the dislocations in financial markets that began during the summer. How problems related to information contributed to the market turbulence. Finally a look at the effects that these events continue to have, both on financial markets and on the outlook for the Canadian economy. The speaker followed this outline and spoke under the following headings: The Bank and the Financial System; Market Dislocations and the Role of Information; Implications for Monetary Policy and the Economy; Conclusions.