In the interest of time it would make sense, given your expertise in this space, and I know you were involved with not only C.D. Howe but with the senators' consultation process, as well, if you could share in writing some thoughts that you have on the proposal. It would be appreciated.
You mentioned competition law a lot, in terms of that competition law can't do everything. Of course, it can't do everything. Competition policy is different from competition law, of course. You see President Biden have a competition policy be an executive order. It doesn't just touch on competition law.
If I think of the telecommunications sector, for example, here in Canada we would have the MVNO policy, which is about competition, but competition law doesn't inform it per se, whereas right now we have Rogers and Shaw merging or potentially merging and that is competition law, specifically.
One challenge to competition law in respect to that merger is the efficiencies defence. My understanding is that you've been a bit more of a defender of that defence as far as it goes, but it strikes me that, if the Rogers and Shaw merger is approved on the basis of the efficiencies defence, that efficiencies defence should die a fairly speedy death.
Walk me through why you think it's a good idea to have this defence and why it's sustainable today.