Thank you Mr. Chair. I don't envy you your job having to cut these fine people off, but you may have to cut me off as well because I have lots to say.
From listening to the questions put forward by some of my colleagues across the way with regard to page 12, I want to make it very clear that on page 12 you cite a variety of reasons that may lead to a predicted recession in the euro area at the end of 2011. For whatever reason, some of my colleagues across the way want to selectively hear only a small portion of what is listed there, namely what you've said about austerity measures. Then they also offer an alternative perception and interpretation of what it means in terms of stimulus.
I'd like you to confirm, Mr. Governor, that we are not Europe, that we do not have the same pressures or the same situation, and neither do we have the same economic view as the rest of the world. We are seen as leaders economically in the world, of course.
I'd like you to be very clear about what may cause the brief recession you are predicting for Europe, and then talk about stimulus in Canada, which is a whole other bowl of wax. TD Economics had said very clearly that stimulus spending right now is not a good idea. They have said, and I say the same thing, that timing is everything. We need to be very cautious right now in Canada.
What would the consequences be of prolonged deficit spending here in Canada? Again, it's a very different situation here from that in Europe.
So please clarify the first issue and then explain what the consequences would be of the second.