Thank you very much, Mr. Chair.
I would like to broach an issue that has not been discussed today and is something we have not talked about for quite some time. I refer to derivative products. You are also the Chair of the Financial Stability Board for the G20. When I think about the work that I did in this sector back in 2007, 2008 and 2009, I still keep hearing the words
credit default swap and asset-backed commercial paper
Nevertheless, we have the impression that this is no longer a priority issue, even though this was what caused the crisis that we experienced and that we are still experiencing. First of all, where do the discussions stand at present? What work has been done by the board and the G20 countries in this sector? Do you feel that the Government of Canada, like the rest of the G7 countries, should be making more efforts to deal with this matter?
Also, I would like to hear your thoughts about an even more problematic situation, namely over-the-counter transactions. This issue appears to be one of your concerns, according to a report published by the Bank of France.