Thank you.
On October 19 your press release suggests that Canadian growth will rely more on net exports in the future. You say in that report, “The strength of net exports will be sensitive to currency movements...”. I interpret that as a signal that the Bank of Canada will be watching its monetary policy closely to avoid a dangerous ascension of the Canadian dollar relative to the U.S. dollar in terms of its impact on our economy.
How do you reconcile that statement with the government's crusade against currencies being artificially low in some countries? How do you reconcile the government's public statements on competitive devaluation with the bank's positioning of the loonie against the U.S. dollar? Isn't there a pretty clear contradiction there?