Thank you, Mr. Chair.
Thank you for your attendance today and congratulations for your great work on the Canadian economy.
I'm a very old person. I grew up in the sixties, seventies, and eighties in Fort McMurray. I saw what the national energy program did during the eighties, in particular in relation to over-inflation. My questions are in relation to inflationary targeting and the agreement of 1991, and what happens if we do have over-inflation. I remember 22% to 23% interest rates on loans and most companies in Fort McMurray going bankrupt during the late eighties.
Most industrialized countries have some form of inflation targeting agreement, except for the U.S. and Japan. Is that correct?