Well, thank you, Mr. Chair. Let me start by saying something nice, and that is I thought it was a very good move and a novel one—or at least novel to me—to announce in advance that your interest rate would stay low for a period of a year or so, thereby hopefully influencing market rates. I hadn't seen that before.
My question, however, concerns statements by Mr. Flaherty compared with your own statements today. Earlier this month in London, the Finance Minister said we had a mild recession and that inflation was likely to become a problem. On inflation, I will quote him:
I'm very conscious of...the danger of inflation. And we're going to watch closely over the next few quarters...and then we'll take the steps we have to take in conjunction with the Bank of Canada....
So he's saying mild recession and you're saying deeper than expected. He's saying there's a big inflation problem. You seem to say there isn't one—or at least that's my interpretation of your report.
So I have a double question. Isn't that quote by Mr. Flaherty a little bit proprietary on inflation, because I thought that was really your job? Second, who's right in this apparent contradiction between your view and that of the minister?