One of the issues that we've advocated--and it was adopted, again in that same communiqué of G-20 leaders--is that regulators have a responsibility as well for the financial system's stability. Therefore, in their actions they must take into account the implications of their actions or regulations for the system as a whole. The first thing you do is to ensure that in the objects of regulation there is that other object, as opposed to simply, for example, a strict micro potential or investor protection responsibility. So it's very important that it's there.
To operationalize that, the question then becomes, how do you as a regulator form that judgment about the macro implications of your actions or regulations? Quite frankly, from a Canadian perspective, I would say that's a conversation about how formal that conversation is with entities that have a macro perspective. How formal that conversation is and how directive it is...different countries will take different views. The Europeans are taking a directive approach that would not...well, it's a European approach, not a Canadian approach.