As a result, countries representing more than 50 per cent of the U.S.-dollar trade weight are actively thwarting foreign exchange adjustment, either through quasi-fixed exchange rates or with newly introduced capital controls. Canada and India are not part of this group.
On financial regulation itself, we are halfway down that road. We managed to reach a global agreement in record time, not just between the industrialised countries, but also now with the systemically important emerging countries on new prudential regulations and fresh requirements in terms of own funds for all banks, with decisions that have far-reaching repercussions.