Thank you, Mr. Chair.
Mr. Carney, I want to come back to the speech you gave yesterday. You said that in order to prevent another financial crisis, the Bank of Canada wants to rely more heavily on principles-based regulation and the judgment of people.
From a practical perspective, we have just come through a financial crisis that may not be completely over. The Caisse de dépôt et placement du Québec suffered $40 billion in losses, and a large chunk of that was the result of investing heavily in commercial paper. The answers we have been hearing have a lot to do with the fact that we were relying on the judgment of certain people, and I get the feeling that their judgment was not very good.
It really makes me wonder when you say that you want to prevent another financial crisis by relying more heavily on people's judgment.