Thank you, Mr. Chair, and welcome to Mr. Carney and Mr. Macklem.
As you know, the financial system as such makes an important contribution to the welfare of all Canadians, giving the ability to firms and individuals to hold and transfer assets. With the recent global downturn over the last number of years, Canadian banks have certainly weathered it well, being well capitalized.
With the G-20 financial sector reforms that were proposed and then Canada going even further by introducing legislative amendments to support a central clearing house standard for over-the-counter derivative transactions, could you comment on how this technical change is important in maintaining Canada's global market economic stability?