Obviously, we have two interests, generally. One is the efficiency of markets. On the income trusts as a corporate form of organization, what we said, and what our analysis showed, was that it's a perfectly sensible corporate form of organization in appropriate circumstances. But second, there appears to be no valid reason to have the tax system tip the corporations or entities towards choosing that form of organization vis-à-vis another form of organization.
I guess more fundamentally, and deeper, the one thing we worry about at the Bank of Canada, along with I think central banks almost everywhere, is that there seems to be a lot more global liquidity out there than one might have anticipated, given the rate of growth, of base money, whether you look at Europe, the United States, Canada, or elsewhere. That's clearly come because of changes in the structure of financial markets, changes that we think, by and large, have led to the improved distribution of risk. But they are changes that also seem to mean that there's a lot more liquidity out there, and what we call the “risky spreads” seem to have become pretty narrow. Indeed, we're off to Basel this weekend to meet with central bankers, and this issue will again come up.
This, fundamentally, is an issue we continue, with central banks, to worry about. It may mean, with the changes in financial markets, that we have to look at things a little bit differently going forward. There's a lot going on out there. This is a very real issue.