No, it is not the translation.
The Bank of Canada has a strong preference for principles-based regulation and reliance on the judgment of people rather than blind faith in the security blanket of excess capital, but against the backdrop of a new regulatory framework for institutions, an increase in tier 1 capital and the creation of a macroprudential buffer for banks.
The creation of a new macroprudential or countercyclical buffer will be key in preventing future crises and reducing bubbles. That is a critical part of OSFI's work. A number of factors are at play, but against the backdrop of a new regulatory framework, the G20 framework, we must rely on the judgment of individuals, regulators and companies.