I agree with that.
I'd just add one other dimension. It's something that I mentioned very briefly. In the politics of adequacy assessment, it is a political judgment, not just a legal judgment. I have a couple of points on this. One is that the Europeans really do want this system to work; they're not going to want the process of adequacy assessment to collapse. Therefore I think there would be a cost if, as I say, a country like Canada, a trade partner, were to lose its adequacy status.
Secondly, I would just reiterate that the whole issue about access by intelligence services and national security services, etc., to business-related data is also part of the equation. If you look at the EU-U.S. privacy shield, you see there's as much in that about that issue as there is about commercial transfers.