Mr. Speaker, I want to thank my friend for his very thoughtful questions. In terms of making this attractive to Quebec, obviously we recognize that there are some challenges there.
One thing is the system being voluntary, as is proposed. I think that would be an advantage in terms of attracting Quebec to it. As he mentioned, there is an international aspect. Quebeckers endorsed the free trade agreement very strongly back when it was proposed in the 1980s. They endorsed NAFTA very strongly. They are very much a people who trade, not only with other provinces but across international borders.
That is one of the points that was very much emphasized to us in Washington, that if we want to have a continuing trade not only of goods and services but of financial services, we need to have a national securities regulator that can sit down with other national regulators and hammer out some of the details, especially at a time when our financial system is in a position of strength relative to other nations. When Canadian companies are looking at doing more acquisitions, particularly in the United States, this would enhance them. Some of those would obviously be based and headquartered in Quebec, but those companies themselves are calling for it.
I think that is another way to perhaps put some pressure on those people in Quebec at the political level, basically saying we need enhanced international cooperation as well.