Lessons for banking reform: a Canadian perspective

The Canadian banking system has performed relatively well during the current financial turmoil. Indeed, in October 2008 the World Economic Forum rated Canada as having the soundest financial system in the world. This strong performance can be attributed to good macroeconomic fundamentals, a conservative risk appetite, and a strong regulatory regime. However, Canada has not been immune to the global financial turmoil and its banking system will continue to face pressures in the wake of the global