That was the first thing.
Second, measures can be adopted. In fact, once speculation or short-term capital flows have been identified as a source of the problem, Canada's monetary authorities can act in a number of ways to slow or stem the phenomenon. All that is needed is the will and the imagination to implement these measures. Some emerging Asian countries have used similar measures extensively in the past, precisely to lend some leeway to their macroeconomic policy.
Third—and I think this is one of the biggest pitfalls we face—China has a competitive advantage over us that is completely unfair, on the one hand because it is manipulating its exchange rate and, on the other, because it has pegged its currency to the US dollar, which is in free-fall. Under the free trade agreements that we signed at the WTO, there is nothing that prevents us, Mr. Chairman, from adopting countervailing tariffs to stem that unfair competition. The Americans have raised that issue, but we are caving in as usual. I think that Canada and other countries will have to start making the case that this monetary disorder simply cannot work.
Thank you.