The economic crisis that we are working ourselves through is, in my mind, the first economic crisis of the modern globalized era. You get up in the morning and the first news you hear is what the Nikkei did last night and what's going on in Europe. And they wake up to what has happened in North America. The markets are a 24/7 phenomenon, and the supply chains that we have come to understand are global have, in the downturn of the economy, ricocheted back through that global supply chain. So you see what has happened in China as exports to the United States have fallen and they're doing some things to stimulate domestic demand.
But my comment is that we are not through this. Everything is linked, and therefore the chain is still reverberating around.
When it comes to Latvia and Iceland—and people are talking about Greece, and there's a bit of a list of countries whose fiscal capacity is reaching its wall—there is a lot going on at the G7 and at the G20 finance level to see how we deal with this with the tools we have. The IMF has, I think, spent around $50 billion and probably has reserves of about $350 billion. To know whether that's adequate in the face of what we will see, speak to some of the financial guys. Canada has been a proponent of IMF reform, and for an institution that was thought to be less relevant today than it once was, its relevance is back, because of the situation being faced in a number of countries.
The final point I'd make is this. It is interesting how many of the countries at risk are European countries, are members of the European Union or aspirants to the European Union. That at least would provoke some question around what is happening in the neighbourhood to stabilize the economic institutions, in the first instance anyway. We're talking about banks that are not domestic banks, but out-of-country banks and the like.
So my bottom line is that we don't know, and we are working our way through what will be a series of perhaps surprises and reverberations through various aspects of the economy, from financial to manufacturing to fiscal. I think it is in our interest to be actively engaged not only in monitoring but in working on some of the policy solutions with like-minded economies.