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"The fundamental objective of the G-20 reforms is to create a resilient, global financial system that efficiently supports worldwide economic growth," Governor Carney said in a speech today to the Autorité des marchés financiers.

After briefly reviewing the current macrofinancial environment, I intend to concentrate on the G-20 reform agenda. The financial crisis has cost tens of millions of jobs and trillions of dollars in foregone output.

Recent indicators point to the start of a global recovery. Economic and financial developments have been somewhat more favourable than we expected in July, although significant fragilities remain.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.

Indeed, the global financial crisis of the past two years has presented unique, stressful challenges that have forced us all to assess what has worked well and what needs to change. Today, I would like to review some of the critical thinking around these issues, primarily from the perspective of our work at the Bank of Canada.