Thank you, Mr. Chair.
Thanks to our witnesses. You've given us a lot of food for thought.
I'd like to start with you, Mr. Stanford. I have three questions.
First off, as you know, the job figures for October were very sobering. More than 72,000 full-time jobs were lost in the Canadian economy. You referenced how the Bank of Canada has been acting and I think Mr. Ragan's phrase was “restrained discretion”. I'm wondering how you feel about the renewal of the inflation-targeting agreement between the Bank of Canada and the federal government, whether you think that's a mistake or that within that restrained discretion there is some room for monetary policy addressing what is becoming a bit of a joblessness crisis in our country.
Second, you pointed out in your presentation that we've had the same stable inflation rate as countries that don't do inflation targeting. Are there other countries that have maintained a stable inflation rate and have done a better job on employment targeting with monetary policy?
My third question to you is around the definition of full employment that both Mr. Ragan and Mr. Alexander raised as something difficult to define. I would like to have your reaction on that.