Thank you, Mr. Chair.
Welcome, Minister.
Minister, in your opening statement, you said that growth will be modest in Europe and the United States. That's your assumption, your expectation, yet we see a growing number of economists, both in Canada and internationally, who are predicting a full-scale recession in the U.S. and Europe. In fact, yesterday Morgan Stanley described the U.S. and Europe as being, in both cases, “dangerously close to a recession”.
If you're wrong and they're right, do you have a plan for Canada in the event of a U.S. and European recession, and if so, what is that plan?