It sure seems like the Bank of Canada is equipped with some tools, including the exchange rate, the inflation target and special drawing rights.
The bank operates in a country that is vast geographically, but that is even more so economically. There are great regional economic disparities, there are different economies. In addition, there is a serious lack of investment whereas, ironically, $500 billion on the credit side are tied up.
We also suffer from the so-called Dutch disease. The Dutch disease is basically what happens when a country that exports natural resources, such as oil, sees a major drop in its manufacturing jobs. There is also the influence of other countries.
When we factor in all those aspects, there is always an explanation for an inflation target of 2%. But with an inflation controlled at 2%, how can we overcome the Dutch disease? How can we overcome the lack of investment and regional economic disparities?
I am not happy with what you are telling me because you are explaining what you are doing at the moment, but I want to know where the Canadian economy will be heading in 10 to 15 years. The Governor of the Bank of Canada told us to forget the American market and go elsewhere. I have a problem with that.
In 15 years, what is the Canadian economy going to be like if we continue to lose our manufacturing jobs by 35,000 positions per month? That's my question. How will Canada be able to maintain its status as a thriving industrial nation? I do not want an Iranian model or a Saudi model.
What is being done for Canada to keep its status of an industrial nation in the next 15 years, if its daily inflation is controlled at 2%?
These questions are for all the witnesses.