Yes. We have nothing comparable in Canada. For years now, Australia has been considering the matter. For example, there was a consultation this summer on innovation in the payment sector and how to encourage the concerted work of the various stakeholders. It is quite fascinating to see the depth of the research and breadth of thought in the study papers and discussion papers produced in Australia. Unfortunately, we're not there yet in Canada.
In the European Union, two directives have been put forward in recent years: one on electronic payments in general, and another on the suppliers of electronic money. So, prudential monitoring was established, adapted to both large suppliers, such as banks, and to smaller competitors that do not pose the same risks to the system, but that still require concerted and organized supervision.
In Australia, as in the United States and Europe, they have looked into issues related to interchange fees and payments costs for credit cards imposed on merchants. These costs are actually much higher in Canada than in Australia, but we know that credit card issuers in Australia are doing fairly well financially.
These are very complicated issues. But there are also general measures in place. Even though these measures cannot all be applied to Canada, they can at least inspire some serious thought. The conclusions of the Task Force for the Payments System Review should be available by the end of the year and will probably be interesting. I personally think it is essential to establish a regulatory framework that will give everybody an opportunity, that will allow increased competition and that will sufficiently protect the interests of everyone involved, which is not currently the case.