I don't entirely agree with the views of the person who spoke before me, who said that we should not necessarily consider what happened elsewhere, but rather focus on what's going on here, or what has happened here. I think that this is a worldwide phenomenon.
Mr. Crête asked you if things were better in other countries. Basically, even if some countries have national securities commissions, the crisis happened anyway.
What makes a difference here is that the Montreal Accord has made it possible to stabilize the situation quite quickly, and to see what we can now do. Not having a national securities commission has not prevented us from doing that. This is something which must be pointed out clearly.
That said, I am wondering about the Bank of Canada's role. Does the bank have the instruments it needs to prevent this sort of situation? Among other things, does it have the instruments to support the Montreal Agreement?