he succeeded sir mervin king. the economy has avoided a triple dip recession and is showing signs of recovery. he gave a speech at the economic club of new york in which he said he anticipated the economy to fulfill the hopes and dreams of the holiday season. in the u.s., the latest unemployment numbers have led to some speculation of a tapering by the federal reserve's bond-buying program. i am pleased to have mark carney at this table for the first time. welcome. >> thank you very much. >> rose: pleasure to have you here. >> pleasure to be here. >> rose: let me start with canada and what canada went through. tell me what it was about that experience that's instructive for all of us. >> i think there are two things. first, on the financial side. we had an advantage in that we saw very early on some of the worst excesses of the shadow banking system. so we had deep problems in a little corner of the canadian market called the nonbank commercial paper market. and that little corner, sleepy little corner, $20 billio