You said that Canada was the only country in the G7 or even in the G20 that did not have this type of regulatory system in place, but that in the U.S. there was a single system. Well sir, it has not worked. We all agree that this crisis started in the U.S. The system did not prevent the major problem we now have from occurring, the current recession. For one thing, there is the issue of bad debt related to mortgage loans. You yourself demonstrate in your document that things did not go well in the United States where there is a single regulator.
On March 24th, 2009. See this statement in context.