Jointly with other authorities, both federal and provincial, we have been conducting a monitoring exercise of the level of activity in the shadow banking sector. I would say that—I'm not going to be Pollyannaish about it—but there are not identifiable pockets that have the same level of risk and vulnerability that existed in the asset-backed commercial paper market in 2007-08. That's the first point. This is an area which requires consistent vigilance.
The second point is that the response to potential risks—and it's not just about risks that exist now; it's to ensure that vulnerabilities don't develop—should be proportionate and should be timely. With respect to policy, I will defer. The FSB is proposing to the G-20 this weekend and on Monday in Mexico City, a series of potential reforms which, subsequent to the presumed endorsement by the G-20, would go out for broader consultation next week. It should be considered here in Canada by parliamentarians.