Good.
In terms of inflation control, it is still the Bank of Canada's position that a flexible framework for inflation targets is the best. Here in Canada, we are in a very different position from that of the United Kingdom. We do not have significant public and private deleveraging. We do not have a zero floor. The financial sector is not experiencing the same problems that they have. As I stated last week, I support a flexible framework for inflation targets in Canada and in the United Kingdom. One of Canada's great advantages is that every five years, the Government of Canada, the Bank of Canada and this committee undertake an analysis of the situation. That is an opportunity to strengthen or modify the framework. It is under that process that we can review the framework.
I'm going to switch to English to be quick.
On the weakness of exports, yes, it's an issue of competitiveness, and it's related in part to the persistent strength of the dollar. Two-thirds of that loss of competitiveness over the last decade or a little more has been because of the strength of the dollar. We haven't grown productivity to make up for that. We are in a situation in which there are a variety of factors and in which our dollar has moved from being undervalued to being persistently strong in our terminology. It's not clear whether those factors are going to move away.
Canada is a bit of a safe haven. There's lots of desire for investment here, and we're in a relatively strong position. That being said, the Minister of Finance and I released a statement this morning on behalf of the G-7, which reaffirmed the commitment of the G-7 to ensure that monetary policy is focused on domestic objectives, not on targeting exchange rates. We hold the members of the G-7 to that long-standing position. This is extremely important. It's important that we, as the G-7, go into the G-20 united and forceful to enlarge that commitment as quickly as possible amongst the major emerging economies in the G-20, some of which entirely ascribe to flexible exchange rates and are supportive, and others of which have a lot of work to do in this regard, because, in part, of the dysfunctionality of the international monetary system.
Lastly, on fiscal policy, the position of the U.S. and Europe is very different from that of Canada. The U.S. has the benefit of having the reserved currency. It is at the zero lower bound. Fiscal policy is much more expansionary at the zero lower bound. Europe is not in a position to have the flexibility of the U.S. In Canada, I think, as well, despite all our safe-haven attributes, it's important that we reinforce it. I'll leave it to the elected officials to decide how quickly, but we're not the United States, and we don't have the flexibility that they enjoy.