Thank you, Mr. Chair, and welcome to both our witnesses.
Let me begin by saying, Mr. Carney, that I think you are doing a great job. I know I'm not alone in appreciating the frankness and directness of your language--at least in terms of the language of central bankers.
I would like to begin with the question of the high dollar. I remember from my academic times that there was a lot of discussion as to whether unsterilized intervention or sterilized intervention were terribly effective over the medium term, especially in a world where the whole world seems to think the U.S. dollar should go lower. If that is the world in which we live, I certainly support your efforts to keep the Canadian dollar from going too high, because of the damaging impact, as you say, on jobs and manufacturing, but I question whether, if it's the Bank of Canada against global tendencies, you have sufficient instruments.
That is my question.