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A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto. A red-letter day on the Bank of Canada's calendar. The latest edition of our semi-annual Financial System Review. How the Bank of Canada contributes to the efficiency of the financial system at the macroeconomic level. How we can improve efficiency in the Canadian financial institutions and markets - the microeconomic aspects of efficiency. A defintion of what the speaker means by "financial system" and "efficiency." Why it is so critically important for Canada to improve in this area. The address continued under the following headings: Efficiency and the Bank of Canada; Efficiency in Financial Institutions and Markets; Efficiency and Financial Institutions; Financial Market Efficiency; Conclusion.