Thank you, Chair.
Good morning, and thank you very much, Governor and Mr. Macklem.
I'm going to shift gears and ask a couple of questions, if I may, on governance arrangements at the bank. I've noticed there's some confusion in the media, as there is amongst some of us members of Parliament, about which codes of conduct and guidelines apply to the Governor of the Bank. Given the importance of the office of the governor, and of course given the key need for independence, I think it would be valuable if, for the record, you might clarify which codes of conduct and guidelines apply to the person who serves as governor, given that the incumbent is concurrently Canada's ultimate governor to the International Monetary Fund. For example, I'm advised it is the bank's formal position that the bank's guidelines specifically apply to you and to the board. Is that correct?