I'll be very quick. I agree with everything Glen just said. In March 2010, Governor Carney gave a speech on productivity. It was an excellent speech. I have it on my laptop, of course. He identified the same things Glen did: underinvestment in machinery and equipment and ICT, which is technology.
But his third explanation was very interesting. He said that on multi-factor productivity, we are doing very badly, and this is because we are not using our capital properly or adequately or strategically. And that is the hook or the basis for me to argue that it's because there is insufficient competitiveness. We don't have enough competitors forcing our firms to compete. If we did, they would go up the machinery and equipment curve and up the ICT curve, and those that didn't would go bankrupt and new firms would step in.