Thank you, Mr. Chair.
Thank you, Governor, for joining us this morning.
I want to shift a little bit and talk about some of the things we need to do. I want to talk about trade and the need to diversify our trading relationships.
We talked earlier this morning about the strong relationship we have with the United States and the emerging markets. You've spoken about that. I want to quote briefly from a speech you gave at the Canadian Club of Ottawa recently. You said:
The financial crisis has accelerated the shift in the world's economic centre of gravity. Emerging-market economies now account for almost three-quarters of global growth—up from just one-third at the turn of the millennium.
That's profound. We've done a good job in this country with NAFTA in the western hemisphere. We've expanded that to the Central American and South American countries. We've seen our Prime Minister active in Brazil and in other emerging markets, such as India and China.
I would like you to share your long-term outlook for emerging markets with the committee. Especially, to what degree do you expect the shift to emerging markets to continue? What does that imply for the importance of Canada's pursuit of trade diversification?