Thank you, everybody, for appearing before us. This is a great thing that we get to do in committee. When I read some of the quotes that come out.... You've heard them, I'm sure you've heard them.
The Fitch credit rating agency said that “Canada's banks proved more resilient than many peers thanks to a conservative regulation and supervision environment”. It's the old Scottish bankers' system, I think.
The Economist says, “Canada has had an easier time than most during the recent global recession, in part because of a conservative and well-regulated banking system.”
The Irish Times says, “Canada's policy of fiscal discipline and strict banking supervision was a reason why it was one of the world's strongest performers during the recession.”
My dear mother would have told me that when there was too much praise being heaped upon me to be careful, that I was being set up for a fall. I suppose this regulatory system we are talking about today provides us with some safeguards.
I'm going to direct most of my questions to you, Mr. Campbell, at this point anyway.
When we look at improving our financial system, the global economic turmoil highlighted one area where Canada needs more coordinated oversight, and that is in the area of improved securities regulations. Your organization has been clear that the current patchwork in Canada is very inefficient. It's costly, and there's a disincentive for foreign investors, I think you said. Can you elaborate on why you believe Canada needs a single regulator and how that would improve overall stability in Canada's financial system?