I will say that it's not only the dollar that is going up; I think that corporate Canada and SMEs in Canada are facing a significant challenge over the next few years. Why? Because the U.S. manufacturing sector is witnessing a significant structural change. We have seen a situation in which the manufacturing sector in the U.S., despite the recessionary American economy, is actually booming.
All the improvement in the manufacturing sector in the U.S. is capital-intensive improvement. We are seeing basically a renaissance in the manufacturing sector in the U.S. It is able to penetrate the emerging markets in a very significant way. I think that corporate America has realized that the future is capital-intensive, and it is moving very fast on that.
Two or three years from now, when the fog clears, I see a much leaner but much more dynamic manufacturing sector that definitely will be able to compete in the U.S. The question is what we do here in Canada in order to basically maintain our market share. Because at this point, actually, we are losing the market share in the U.S. If it's true that emerging markets are the future, we have to find a way, first, to get involved in emerging markets, and second, to find opportunities in the global supply channels that the U.S. economy will be providing us.
At this point we are not there. So I totally agree that we need to help corporate Canada to face not only an expensive dollar, but also a changing manufacturing sector in the U.S. that will be much more competitive. Taxation is part of it, but we'll have to offset it.