Thank you, Mr. Chair.
I want to begin, Mr. Carney, by thanking you for your service to Canada. Canadians are indebted to you. We're certainly going to miss you.
I just want to pursue a line of questioning that you had broached in your previous answer to Monsieur Caron. I want to talk a bit about the burgeoning currency weakness, i.e., the currency war. Some have said, given the appreciation of the Canadian dollar over the last number of years, that we should be pushing the dollar back and undervaluing the currency. That would be their solution to having a Canadian industrial policy. The French foreign minister, as you know, just said recently that the rising euro will have a negative effect on European growth.
Could you talk a bit about how managing exchange rates as an alternative to monetary policy would negatively impact the Canadian economy and what effect that would have on the global economy, or in reverse?