Yes, I'd be pleased to answer that question.
I'll start by saying that regulatory regimes around the world are in the process of reform. We've talked a bit about that, and you're exploring that in the context of ratings.
It's my view that for us to embark on vigorous comprehensive reforms of our capital markets—and I think we need to do that—moving toward a single regulator would certainly facilitate that. I'll give you two examples.
The first one is that it's very clear in these reform discussions that there has been a lack of effective coordination among the regulators themselves, both domestically and internationally, largely because there's this interrelationship or symbiotic relationship between banking and the capital markets. And it's important that one hand knows what the other hand is doing.
It was alluded to in this discussion that in Canada, while we do have a Financial Stability Forum, I believe it's called, which is a round table bringing the regulators together, the one seat that's missing at the table is probably one of the most important, a national regulator who represents the regulation of the capital markets.
We can talk a lot about greed—and I agree that greed was pretty rampant—but the fact is that greed is historic. What we have here is the failure of regulation, not so much in Canada but very much so in the U.S.
So I think that, first of all, the case for a national regulator can be more effectively made, again, in the context of facilitating greater coordination and greater consultation among banking regulators, insurance regulators—the Bank of Canada plays a very key role as lender of last resort—and the securities regulator.
The other point I want to make—