Certainly the commitments you referenced, although they're cast in the negative, are important: resisting competitive devaluation, refraining from protectionist measures. As I indicated earlier, what is important is that those commitments are respected. It's good to have them. They need to be respected. It is somewhat encouraging to have some of the elements around the currency side.
Are the scale of the trade and broader current account imbalances troubling? Yes, they are. I mean, these are the global imbalances that have potential to return to unsustainable levels as the recovery progresses, ultimately with the potential to undermine the pace of the recovery at a global level, and that will have direct implications for Canada.
We are working very hard. Mr. Macklem referenced earlier the Toronto framework and the elements of that. We need to see that implemented. We need to see it expanded to include structural policies. We need to finish the financial reforms. We ultimately need to see that enhanced level of flexibility of currencies, this movement toward market-based exchange rates in major emerging markets.
All of that said, there will always be imbalances. We're a trading nation. We understand that. We moved from having a 2%-plus current account surplus going into this recession to a similarly sized deficit, a slightly larger deficit on the current account now. That's appropriate, given the global outlook and given the relative strength of our economy. But what's important is that others are showing similar flexibility, so that over time that can reverse itself in a natural order of comparative advantage.