We are concerned, and elsewhere in our statements and in the discussion today we've highlighted the heightened tensions in global currency markets. To put a slightly finer point on it, there was a period earlier this year when more than 40% of the trade-weighted amount of the U.S. dollar.... If you looked at all of the trading partners of the United States, more than 40% of the currencies, by trade volume, were in some way managed.
Those are the tensions that we need to work collectively to reduce. We had important reaffirmations of the commitments of advanced economies over the course of this weekend, and an extension and important commitment, for the first time, by all countries of the G-20 to refrain from competitive devaluations.
Now, those have to be respected, those have to be implemented. We have to keep focused on this. We have to be relentless on the whole range of issues around global imbalances. But you are right to raise the issue, in that when we look at tensions in foreign exchange markets, we do see the link through to Canada very importantly on the net export side as a risk to the outlook.