Thank you, Chair.
Thank you, Governor and Deputy Governor, for appearing.
Likewise I'd like to congratulate you on your recent appointment. Although we're very happy for you, we're going to miss you too. It's been a great experience having you head that. Whoever fills those shoes will do a great job as well.
There has been a lot of talk about the Dutch disease—and we need to clear the good name of the Dutch maybe—and the allegation that the high oil prices have caused manufacturing to leave. You made some pretty emphatic quotes during the summer. I will quote you, if I can. You said “It's too simple. The factors influencing our currency are more complex than one price or another, one interest rate or another. There are several factors and our economy is much more integrated than that.” You concluded by saying, “I reject that argument completely.”
I wonder if you could explain to the Canadian public, once and for all, why you feel that is incorrect.