Merci.
We have about four minutes in this spot.
I just wanted to follow up, Mr. Carney. You talked about the redesign of regulations internationally. In your speech in Montreal, you spoke about the G-20 reform agenda, and in the section “Protecting the Cycle from the Banks” there were three interesting statements.
You talked about “building a system that can withstand the failure of any single financial institution”. Lehman Brothers obviously comes to mind.
You talked about the “conviction among policy-makers that losses endured in future crises must be borne by the institutions themselves”. AIG comes to mind when you state that.
Then you talked about creating “a system in which individual financial institutions are less important and markets more important”. That's quite an interesting statement.
You sort of discuss four measures there. I want you to go into that.
It was obviously a challenge. Lehman Brothers, on September 15 of last year, was the hot spot, the point of the financial crisis. Then there was, I think most would argue, an overreaction with respect to AIG. There was such a fear of any other institution failing that there was an overreaction.
When you talk about creating a system in which individual financial institutions are less important and markets more important, what exactly do you mean, and how would you go about doing that?