Thank you.
Thank you, Ms. Glover.
Governor, I want to ask you about a report by the C.D. Howe Institute, entitled The Dangers of an Extended Period of Low Interest Rates: Why The Bank of Canada Should Start Raising Them Now. It's a very interesting report. It's quite persuasive. One of their statements is:
Low interest rates have given Canadian consumers an incentive to accumulate a record proportion of household debt compared with their income, despite increasingly restrictive regulations on mortgage credit and warnings by the Bank of Canada of the dangers of excessive debt.
It also talks about the effect of low interest rates over a long period of time on pension funds and insurance companies. It talks about younger people who are investing, perhaps purchasing a home for the first time, and the effect on retired Canadians with respect to pension funds and insurance companies. It makes a pretty strong case for raising rates, at least in the short- and medium-term. I would like your reaction to that.