It is the most recent IMF communiqu, and it is just one sentence, "The implementation of credible medium-term fiscal consolidation plans remains critical in many advanced economies". Members know as well as I do what that statement means. It means that if we do not get spending under control, if we do not make it sustainable, if we do not continue to create jobs, remain competitive and trade while keeping our debt levels under control, many economies in Europe, Asia and even in the Americas could go down the same path that Greece, Ireland and Portugal have gone down. The same communiqu mentions how positive it is that outright monetary transactions are being undertaken by the ECB, how important it is that the European security mechanism is now working to some extent, but it then points to high debt burdens and the absence of banking and fiscal union in Europe as continuing risks. Japan is facing a challenge this week of financing its budget and of further fiscal consolidation. The same communiqu mentions the danger in the United States of a fiscal cliff, the need to move the debt ceiling in spite of an election that has not yet concluded, and the fiscal sustainability of trillion-dollar-a year deficits. These cautionary notes are struck with regard to our peers, the other advanced economies. Canada has avoided these pitfalls thanks to the prudence and the good planning of our Prime Minister and our excellent Minister of Finance. It is absolutely essential that