Thank you. I'd like to ask Mr. Macklem a question related to the soundness of the banking system in Canada, with which I agree, at least in relative terms. My question has to do with the proposed merger ten years ago. I've heard the theory that turning down the merger, arguably--I'm not putting this, but I've heard the view--contributed to this financial stability. As you may know, ten years ago, when the merger was proposed, I was the chief economist for the Royal Bank and at the time was in favour of the merger. But I remember, thinking back, that there was language about going global, kicking butt, growing up to be like Citibank--and we all know what happened to Citibank.
My question to you--and I realize it's speculative and can't be answered definitively--is with the benefit of ten years of hindsight, do you think that in terms of maintaining a low risk profile for the Canadian banking system it was perhaps a prudent move for the government to turn down those mergers and thereby perhaps reduce the overall risk to the system?