As we have learned over the past few years, many aspects of Basel II will require a considerable amount of judgment and experience.
Among other things, we have a well-educated and diverse workforce that is growing through immigration. And, we have trade agreements like the Canada-United States-Mexico Agreement, the Comprehensive Economic and Trade Agreement with the European Union, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. These agreements should help to buffer us from some of the negative trade developments I mentioned at the beginning.