Thank you very much, Mr. Chairman.
Thank you for your presentation. This is an entirely new concept for committee members. Now we will have ten minutes to exchange, which will allow us, I hope, to go a bit more deeply into the issues on the agenda.
For a long time, it has been taken for granted that the Bank of Canada has a policy whereby it maintains a target inflation rate between 1 and 3%. Is this a theoretical figure, or is it based on empirical data? How was this decision made at the time? How is it implemented today? Should it be revised? Is this still the best target range for Canada?