I want to thank all of the witnesses for coming.
I would like to start by asking everyone the same question.
It's a very simple question. I think it's fair to say that if the currency stays at the current level, the job losses we've seen in industries that are sensitive to exchange rates will get bigger. From an economic point of view, I think it's clear that currency appreciation has a significant effect, but it takes one or two years to be fully played out because of lags of various kinds.
Very quickly to the three economists, beginning with Robert Fairholm, do you agree with that; and do you have any numbers, or approximate numbers, to add to it?