I will definitely not nerd out on the efficiencies defence here. Bring me back for the bill review, if it comes to this committee, to get into that.
The efficiencies defence applies economy-wide. Potential mergers could have taken advantage of it. There are a lot of views in terms of what to do with the efficiencies defence. I think one of the consensus views among the C.D. Howe Institute's competition policy council members is that a number of them recommend not getting rid of it entirely but making it a key factor.
There's more work to be done on this. Fully removing it wouldn't have been my recommendation. There are middle-ground steps that the government could have taken.