Perhaps as a reaction to that, one of the things we have learned from this global crisis is just how interconnected we are. Back in September and October there was some thinking that perhaps economies like China, Brazil, or Russia--there are a number of countries that have built up substantial reserves--which were a little bit better protected against the crisis, would be decoupled from the impacts of the crisis. What we've seen is that globalization has meant that no one is immune from any crisis and that in fact crises are intrinsic to a globalized economy and that we can't come up with ad hoc solutions to tackle those.
I think what the G-20 has done so far that is positive is it has addressed the immediacy of the crisis. Every country has put in bailout packages. I think the UN has come up with a figure of commitments of around $20 trillion, I think $1.69 trillion just on fiscal stimulus.
If we don't now move from that immediate bailout to address more systemic problems with the globalized economy—and we've touched upon some of them in here, such as democratizing international financial institutions, implementing new rules for trade and finance, and a real transition to a sustainable economy—then you can expect the same thing to happen five years down the road. It's going to be a longer and a harder recovery.
It's a good first step, but what we'd be looking for Canada to do next year is to really move from those first initial immediate responses to something much more substantive that's going to change the rules and policies of the game for everyone.