Thank you very much, Mr. Chair.
Thanks to our witnesses. Those were terrific presentations. I want to get right to it, because part of our role as the finance committee is to look at existing programs to see whether or not they're functioning. That's part of the choices the government and Parliament should be making over the next few months.
I'll start with you, Madame Brisebois. Reading from your testimony, you talk about the voluntary code saying that the only competition that exists is among the banks to provide customers with greater incentives on the backs of merchants. But what we have heard from our merchants is that the payments industry has continued to engage in practices that result in high fees that have no connection to the service provided, and some players have blatantly violated the voluntary code. So my question back to you is, is the voluntary code working for retailers?