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It is a pleasure to be here in Saint John.

When I got up this morning, things had changed. For the first time, there was that sense of the turn in the seasons. It is fitting, of course, with the autumn equinox this week, but looking at the calendar doesn’t dispel that wistful feeling: where did summer go? Instead of looking forward to a string of lazy, hazy days, we face the touch of frost in the air … and the smell of fear in financial markets.

Canadians entered the summer brimming with confidence. Expecting strong sales, our businesses were full of plans to add jobs and invest in plant and equipment. Canadians themselves had a very positive view of their economic prospects. Now, in the face of alarming events abroad, some are less sure. What happened? A

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Thank you for the invitation to speak today. In the hope of addressing some of your concerns, I waded through the more than 1,000 pages of reports and notes that the Institute of International Finance (IIF) has produced over the past year. Your messages have been consistent, if not always concise, so I would like to focus on three particular concerns about the financial reform agenda you have recently expressed:

1. the consistency in implementation across jurisdictions;
2. the possibility of substantial regulatory arbitrage in the shadow banking system; and
3. the macroeconomic impact of the reforms.

Before I do, allow me a general observation.

The G-20 is undertaking a radical and comprehensive program to strengthen the regulation, supervision and infrastructure of the global financial system. Its ambition can hardly be a surprise.

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