Well, perhaps I'll make just a couple of comments.
I think with any situation like this, by definition, people don't see it coming. I think we had some indication ahead of time. Certainly when our members met in October of last year, we were already having discussions among ourselves. It was clear things were going to get worse, but I think the speed with which the economy has gone down has caught everybody by surprise. If you look at the economic forecasts, everybody pretty much got it wrong.
That said, I think we can overreact on the other side too. I mean, every downturn comes to an end sooner or later. The only questions are how bad it is going to get and how long it is going to go on. So I think there has been a considerable amount of surprise around the event.
On the other hand, I have to point out that a lot of this crisis has to do with financial markets. Canadian regulators and Canadian financial institutions were much more prudent than the rest of the world coming into this crisis, and the result is we are actually, relatively speaking, in a much stronger position to get through the crisis and come out the other side of it.
I think, if I can speak for the Canadian economy as a whole, we did some important things right.