The good news is that since we were last before this committee, considerable progress has been made on bank reform, most importantly agreement on the Basel III capital and liquidity measures. They were endorsed this past week, and they were reviewed and endorsed this past weekend by ministers of finance and governors of the G-20. They will go to leaders in Seoul.
This package considerably improves the quality of capital for banks, the liquidity they have to hold, the level of capital increases, and the level of capital they have to hold. It introduces a series of measures and adjustments that are much more akin to the Canadian system on a global level.
My colleague Mr. Macklem chairs the important committee, the financial stability board, which oversees the implementation of measures such as this and ensures that.... This is a very important point. It's great to have a system that's more like Canada on paper, but it's only really useful if everyone actually implements it. An important part of this process—and if we have time, Mr. Chair, I'll ask him to expand—is ensuring to a peer review process that our peers around the table actually become more Canadian, not just talk about becoming more Canadian.