If MSL continues to lose $1 million or so on exchangeworth setting up subsidiary earning in euros and spending in euros. Exchange derivative is an accounting exercise unless monies brought back into Canada then converted. OR in times like this, put capital expenses into foreign areas and reduce profits to offset the artificial currency loss instead of repatriating the profits into CDN and losing all the monies. Again, it really is an artificial loss if monies kept in euros and in later years when closer to par transferred into CDN. There are lots of options to NOT really lose the mark to market booking transaction.