In terms of regulation, I was reading the transcripts of the Senate hearings a few months ago on this issue, and I think the most interesting thing for me, certainly, that came out of that meeting was when the senators talked to people from the Competition Bureau. What came out was that the Competition Bureau, the competition authorities in Canada, are currently looking at the system, particularly under the Competition Act and the particular clause that talks about abuse of dominant position. I think this is completely appropriate, and I was intrigued to hear this.
In other words, if there is a problem in the system, the relevant authority to be looking at this is the Competition Bureau, whether it's abuse of dominant position or whether Visa or MasterCard are doing things illegally. Because if they are abusing their dominant position, this could be a criminal offence and they could be taken to court. Similar competition-driven court cases have happened in Europe and have happened in the United States.
So I think the playing field where things should be happening in terms of the role of government is in the Competition Bureau and the Competition Tribunal.
As I think the people from the Competition Bureau told the senators, these things take time. It's very data-driven. They have to examine the issues very carefully. But I believe the good news is that they are looking at that. I think this is the appropriate field for this to be happening in, rather than having Parliament or even the Bank of Canada being involved in regulation.