Thank you.
Thank you, Ms. Nash.
I'm going to take the next slot, as the chair. It's challenging, because there are a lot of big questions and a lot of issues we'd like to raise with you.
Governor Carney, perhaps I'll raise a couple of issues. Then there's a third section I want to get your particular response to today.
The first one is on page 29, where you talk about ongoing competitiveness challenges. If you went back ten years and made a list of the things the Government of Canada should do to address productivity or competitiveness, I'd say we have probably fulfilled nine or ten out of the ten—both this government and the past government. In fact many of those changes were made when the two of you were at the Department of Finance, so you're well aware of them. It is a big policy question in terms of how we address the competitiveness issue. So if you have anything further on that, either today or at a later date, I'd certainly appreciate that.
On the second item, in response to Ms. McLeod you talked about the federal government's approach to debt. I wonder if you have any comments about the debt situations of any provinces, particularly the two large provinces of Ontario and Quebec.
The third area is banking sector reforms, and this is the area I'd like you to spend most of your time on. The president of the CBA gave a speech recently in which he said we should perhaps look at pausing on future reforms. I want to get your remarks on the consequences of implementing the Volcker rule, and any comments you may have on the regulation of the shadow banking sector, in your role as governor and also in terms of the Financial Stability Board.