Thank you very much, Mr. Chair.
I also thank all of the witnesses who are appearing before us today.
Mr. Magrath, I will start with you.
I have some difficulty with your third recommendation, the one that mentions that since the Canadian government has made some progress curbing base erosion and profit shifting, we should go slow or reduce the pace in adopting recommendations from the Organization for Economic Cooperation and Development. I have some trouble with that. The recommendations the OECD made in the context of its plan may not be perfect, but we have to follow them. They meet a need, particularly as we recover from the severe recession. There is a great need for international cooperation, especially at this time when it is so easy to move capital; in our digital era, it is becoming increasingly easy and quick to move capital from one country to another.
How can we believe that since there have been a few initiatives and some laws—which many feel do not go far enough, nationally—we should slow down international coordination, which is sorely lacking? I think that all of the experts, particularly after the severe recession, recognized that there was a need for coordination. Do you not think that although Canada has made some steps in the right direction, the need remains for cooperation at the international level?
Mr. Magrath, I would like to hear your comments on this.