Thanks for being here today.
I want to start with a bit of global context, if I could. There have been many commentaries from outside of Canada. We've read comments in Newsweek, The Economist, the London Telegraph, and The New York Times on Canada's relative strength compared to other countries.
The New York Times recently talked about the American banking system, saying, “There is no time to waste. Reconfiguring the American banking structure to look more like the Canadian model would help restore much-needed confidence in a beleaguered financial system. Why not emulate the best in the world, which happens to be right next door?” The World Economic Forum ranked our banking system as the most secure in the world. The Economist said, “...in a sinking world, Canada is something of a cork. It's well-regulated banks are solid. ... The big worry is the fear that an American recession will drag Canada down with it.” There are several more quotes that I won't read, but that are very, very similar to that.
In terms of that global context, what's the difference here in Canada?