Thank you, Mr. Chair.
There's been a shuffle since we left for our break. I want to welcome our new members back to committee. We did have a very good working relationship with both Ms. Nash and Mr. Marston.
Mr. Caron, welcome. This will be most pleasant.
Governor Carney and Deputy Governor Macklem, I want to ask you two questions. I'll give you a heads-up as to what they're going to be: I'm going to ask you about the penny and then I'm going to turn to the IMF reforms.
Governor, you and I seem to have this tradition of always talking about our currency when we get together. The reason I want to ask you about the penny is that the penny is made in St. Boniface, which is my riding back home in Winnipeg. As you know, budget 2012 is looking to eliminate the penny. But some have said that they have some concerns that the rounding mechanism may lead to having some kind of inflationary effect. I do know that the bank produced a report in 2005 that demonstrated that the inflationary impact of eliminating the penny would be small or relatively non-existent. So I'd ask you to comment on the study that was made, particularly with respect to the offsetting effects of the rounding.