Thank you, Mr. Chair, and thank you as well to the gentlemen who have presented here this morning.
Just to put this all in context, I think this is a very important study that we've taken on, a very timely study on measures to enhance credit availability and the stability of our Canadian financial institutions, and I think you're our lead witnesses in this, so this will frame a lot of our discussions as we go forward meeting with OSFI and the banks and all of the other institutions that impact our financial system.
Mr. Macklem, I would like to ask you some questions about our role and your comment in here in your second to last paragraph that “we are making an important contribution to the global financial system”. Through consecutive governments.... I'm not going to take all the credit for this for our government, but all of our consecutive governments have recognized the need for regulation. I think Canadians need to hear that more often and more soundly as to why we're recognized internationally, why our financial institutions are in the good position they're in.
With regard to this role you're playing as co-chair with India in this G-20 leaders action plan, why was Canada chosen for that? Is it just our financial system? Are people looking at us with envy at the fact that we've kept regulations in place, necessary regulations in place? Can you explain a little bit of that role and perhaps just highlight what you expect out of the London G-20 coming up?