of consumption still a long way off, the demand for commodities can be expected to remain robust and prices elevated for some time. in canada, the impact of rising commodity prices has been reinforced by strong growth in the supply of some commodities. oil is now our most important commodity by value, with its share of total canadian commodity production rising over the past 15 years from 18 per cent to 46 per cent ( chart 32 ). bis central bankers ’ speeches our challenge is to develop our commodities intelligently and sustainably and to ensure that the whole country benefits. infrastructure investments in pipelines and refineries to get western heavy oil, which is trading $ 40 below the world price, to central canada and to foreign markets would bring more of the benefits of the commodity boom to more of the country. increased interprovincial trade in goods and services provides another channel to capture more of the value added from energy, mining and agriculture for all of canada. this is already happening. for most provinces, trade inside canada has continued to grow from 2007 to 2011, offsetting all or some of the weakness in international trade over the same period ( chart 33 ). resilient financial system the financial system is a critical enabler, channelling savings to productive investments and helping firms and households to manage risks. our banks withstood the 2008 financial crisis and are considerably stronger today than they were then. they have substantially lengthened liquidity horizons. they have increased their common equity capital by 77 per cent, or $ 72 billion, since the end of 2007. and, as of 10 days ago, canadian banks met the new basel iii capital requirements, well ahead of the maximum phase - in period that extends to 2019. businesses can be confident that bank funding will remain available. core funding markets are also being strengthened so that market - based finance is a resilient source of diversification and innovation in funding markets, not instability. last february, the canadian derivatives clearing corporation launched a new central counterparty service for repo transactions. canada is on track to meet the g – 20 commitments regarding the clearing of over - the - counter derivatives. in this regard, in october, canadian authorities announced that market participants will be able to clear standardized over - the - counter derivatives using any central counterparty recognized by canadian authorities, including global central counterparties. our priority is to be among the leaders in adopting new, stronger global standards and to encourage others to do the same to maintain an open and competitive global financial system.

by mr draghi and a handful of ecb executive board members ; it came about with the agreement of the large majority of the governing council, on which all national central banks governors in the euro area have a seat. i would never have imagined that the euro area could break up, as almost happened in 2012. nor did i think it possible that the ecb would have to print more than an additional €1. 5 trillion ( i. e. €1, 500, 000, 000, 000 ), and pump it into the economy in order to respect its mandate. the ecb has acted resolutely but the story is not over yet. in order to emerge from the crisis, it is crucial that the other authorities also do their homework. it is not up to monetary policymakers to resolve structural problems. bis central bankers ’ speeches