Thank you, Mr. Chair.
I want to return to the point that you stressed throughout your statement this morning, Mr. Governor, which is about confidence and confidence in our economy. Your predecessor had highlighted the over $600 billion in cash and cash-like assets on corporate balance sheets. He highlighted this as a problem. At the time he called it “dead money”. It was a concern that he was raising, because businesses saw no place to invest their money in the current business climate. So it does go to the notion of confidence in the economy and the outlook for the economy.
First of all, do you agree with Mr. Carney's assessment that this money is “dead money”? If so, how do you recommend addressing the problem? I will preface this by saying that in your statement you talked about foreign demand needing to recover as a precondition for companies to invest and expand. Is that a correct understanding of your approach?