Mr. Speaker, one of the things missing is that we are not working toward common international regulations that are required to develop the common rules and regulations to prevent the international contagion that went around the world and has caused such devastation.
Many believe that the IMF is the place to do this. Many also believe that counties of the world, particular those that are part of the G7, will not be interested in actually coming together and being subject to the power of a supernational organization. However, what can be done is that organizations, like the IMF, could be responsible for developing common norms that the countries of the world should adopt.
Could my friend tell me what his government's position is in terms of trying to work with other countries to develop common norms that all of us could adopt which would enable us to work in an integrated fashion to prevent international contagions from occurring again?