Thank you, Mr. Chairman.
Ms. Hughes Anthony, a few moments ago you said that one of the reasons why the banking system behaved better in Canada during recessionary times, in comparison with the United States, was that we had a very clear and very compact regulatory system, if we compared that system to the rather confusing rules in the United States. I'm repeating the words that you said, namely, that the rules were very difficult to understand and that there was a great deal of confusion.
You also said that you were in favour of the government's proposal to create a single securities commission. Basically, I don't understand why you are supporting this plan to change a system that has protected us, in a way, from the effects of the crisis, and has allowed Canada to do relatively well, all things considered. This plan will destabilize the regulatory regime, because there will be a period of uncertainty during which the provinces will be able to opt in or opt out. It seems to me that you are supporting an idea that will destroy something that has protected us. I just don't understand why.
Could you explain this contradiction to me?