Thank you, Mr. Pacetti.
This is quite important. It is imperative that the various reforms we've talked about this morning be consistent with the G-20 agreement, that they are agreed to at an international level. The crisis came from abroad and had a severe impact on Canada. So we need others to get their houses in order. That's the first point.
A related point is that we don't want to disadvantage our system by putting in place rules that others haven't put in place. Let's put it this way. That's a discrete decision that needs to be taken by the relevant Canadian authorities, but it would be far better if these were agreed to and implemented at an international level.
There is a long list of reforms. A key issue, just to give you a feel, is the work that's being done on bank capital--what's the new minimum going to be? What will this countercyclical buffer look like? Is there going to be a leverage ratio as an agreement by leaders and by the relevant committee in Basel? What will it look like?
Canada has higher minimums. Canada has a leverage ratio. We are starting from the right position on this, but we need to get others to agree to reduce the risk.