It's difficult to say. I'm not sure that's necessarily the right focus. If you look at Canadian firms, you see that sales of foreign affiliates in Europe are over four times what we export over there. These data don't really capture trade in services very well, which accounts for 70% of our economic activity. So yes, based on conventional measures of goods passing through customs, basically, we're running a trade deficit with Europe; however, this doesn't represent the majority of our economic activity with Europe.
Another point to be added is that we tend to have a focus on whether we are exporting more than we're importing, but imports matter too. Imports are what we use in our production processes, so sometimes running a trade deficit isn't necessarily a negative thing. If it's sustained, it could be a problem. But there's no indication yet that with any of our major trading partners we have what's called a “structural deficit”, which is a deficit that, no matter what we do, we'll never be able to change it and we'll never be able to get it positive.
I think it's too early to tell, but it's not something I'm particularly worried about. Will it be balanced? I wouldn't know. I think it's too difficult to answer that question.