Thank you, Mr. Chair.
Thank you to all of you for your presentations this morning.
I'd like to direct a question to Ms. Anthony.
You may have read the International Monetary Fund's report that was released on March 9. It had a number of things to say about the current state of the Canadian economy and the impact the Canadian budget is likely to have on the Canadian economy going forward. I'll just read a couple of statements and ask you for a comment.
The report said:
Canada has responded proactively to the worsening economic outlook. Fiscal stimulus incorporated in Budget 2009 will ameliorate the downturn.... The financial system is stable, and recent steps taken to expand the toolkit for financial stabilization are appropriate given the uncertain outlook.
Further it said that the mission:
...supports the large, timely, and well-targeted fiscal stimulus in Budget 2009. The stimulus package is appropriately sized, well above the fund’s benchmark of 2% of GDP, and it is also prudently based on a worse economic out-turn than private sector forecasts. With sizeable infrastructure spending and permanent tax cuts, it is weighted toward items that are most effective in stimulating demand. Its steps to boost the safety net will protect Canada’s most vulnerable, and training enhancements will facilitate reallocation of displaced workers.
Consolidating and enhancing securities regulation would further strengthen the already robust financial stability framework.
Can you comment on the IMF's report and how the budget actions of the Canadian government will impact your industry, compared to your international competitors?