When looking at G7 countries, Canada compares very favourably on net debt-to-GDP.
On that note, I've had discussions with somebody from Moody's over the last several days. When I talked about the prospects for Canada and deficits as a proportion of the economy being about 1% to 1.5%, they looked at me and said that I should be quite happy because by European standards that's very low.
Compared to G7 countries, we are doing comparably well, in good part because the provinces have near-balanced budgets or small deficits, if you look at an aggregate. We have pre-funded some of our public pension obligations.
Compared to other countries we are doing quite well.