Thank you, Mr. Chair.
I want to continue on just a little bit with Mr. Campbell.
Fiscal cliff or fiscal wall, it's still looming. As we say, it's early next year, very early. The EU continues to live with very serious economic problems. If we're honest with ourselves, there's no end in sight. This is something that's going to take years for adjustment.
China's GDP is half what it's been in the last few years. If we look at the ripple effect of these things around the world, we see that we certainly aren't an island, as the saying goes. It would be lovely if we had that dream reality. Our record has been comparatively good. It's hard to dispute that, but many witnesses coming before our committee have advised us of the volatility in this global economy and the potential risk to Canada's future economic growth. Beyond the safeguards in Basel III, what suggestions would you have for the government for further protection?
Remember, oh gosh it must be about 10 years ago, there was talk of liberalizing—no offence here—the banking rules. There was a time, too, when mergers of banks were considered, and all kinds of things. Liberalizing is a good word in my books, but it is not when it takes away the safeguards for Canadians. So I think we were fortunate at the time that decisions were made not to proceed with that.
As I said, beyond Basel III, what would you recommend that this government do for further safeguards?