To the extent that we regulate our own domestic financial markets, we have the capacity to put in whatever speed bumps we might like. The difficulty is that the financial market players in Canada will ask why they should do business in Canada if they can go elsewhere and not face that same speed bump. They will pressure the government not to put in such speed bumps, and it will become difficult to do so.
If we can't persuade other countries that it's in our collective interest to put in these speed bumps in our various domestic markets, we have a problem. We're in effect saying that we can't control the speculative excesses. Then we're forced to adopt a more interventionist approach to try to handle the fallout from speculation.