Thank you.
Mr. Carney, welcome and congratulations.
My Liberal colleagues will ask some questions about the subprime mortgage crisis, the Montreal accord and income trusts, and I would like to focus on monetary policy, beginning with exchange rates, both the level and the volatility.
As you know, for many companies in manufacturing, the very high exchange rate is something of a killer, but I'd like to focus as much on volatility, because I think when you have the dollar going up by 10% and down by 10% in a matter of two or three months, that's pretty extreme volatility, if not unprecedented. I know from speaking to companies that volatility makes it extremely difficult to plan, and it also increases the number of those calling for some kind of fixed exchange rate system.
Given your fundamental commitment to inflation targeting--which I agree with--are you concerned about volatility? More to the point, is there anything the bank could or should or would do to limit or reduce that volatility compared with what we've seen in recent months?