credible national fiscal plans need to be supplemented by broader changes to european economic governance and fiscal arrangements. we are in constant, intensive discussions with our european colleagues bilaterally and through the g - 7, the g - 20, the bank for international settlements and the financial stability board. as the bank has stressed repeatedly, the core challenge is to rebalance demand between advanced and emerging economies. to this end, the bank is investing in current g - 20 efforts to develop a framework for open capital flows, working with the fsb to devise and implement comprehensive financial reforms, and collaborating with our colleagues in the department of finance to guide the g - 20 framework for strong, sustainable and balanced growth. rebalancing will require significant changes to fiscal, structural and exchange rate policies across a broad range of countries. to conclude, the challenges in the current global economic environment are significant, but so too are the opportunities for canada. our corporations and governments have strong balance sheets, our financial institutions are among the most resilient in the world, and our economy can be geared to the future sources of global growth. to take advantage of these attributes, we will need continued, heavy investment to improve productivity and sustained, innovative efforts to develop new markets. for its part, the bank has a wide range of tools and policy options that it will continue to deploy as appropriate in order to ensure that canadians can seize these opportunities in an environment of domestic macroeconomic and financial stability. bis central bankers ’ speeches

of canada bond purchase program outcomes in contrast to our term repo program, the gbpp was entirely new to us in 2020. 3 see g. johnson, “ a review of the bank of canada ’ s market operations related to covid - 19, ” bank of canada staff discussion paper no. 2023 - 6 ( march 2023 ). 4 the standing term liquidity facility ( stlf ) is also available to federally or provincially prudentially regulated members of payments canada for which the bank of canada has no concern about their financial soundness. for more on the stlf and extended term repos, see our framework for market operations and liquidity provision. - 4category / categorie : protected b / protege b during the pandemic we used the gbpp in two distinct ways : first as a market functioning tool and then later as a monetary policy tool. i ’ ll focus most of my discussion on how we used the gbpp to improve market functioning. to set the stage, let ’ s remember that it is very unusual for goc securities markets to seize up in periods of financial stress. during the global financial crisis — as in most market - wide liquidity stress events — a flight - to - quality mindset took hold and market participants rushed to buy goc bonds. these bonds become a safe - haven investment ; prices may move sharply, but in general there are no system - wide strains emanating from this market. but the early days of the pandemic presented such severe and unique financial stress that investors were aggressively selling even goc bonds, with no buyers stepping in. market liquidity had completely evaporated. this is why the bank used the gbpp as a market function tool at the onset of the pandemic. any future use of a gbpp would reflect what we learned from this experience. let me go over some of those lessons. first, we would be clear from the outset when we are purchasing goc bonds strictly to restore market functioning. there should be no ambiguity. we would be very clear that the gbpp is targeting market functioning and is distinct from — and not intended as — monetary policy. if we are not crystal clear in our market functioning objective, it could lead to speculation over other monetary policy actions. this is particularly important at times when the bank is actively tightening monetary policy. second, the program ’ s scale and scope would be graduated and tied to market conditions. and much like with