Thank you, Mr. Chair.
I would like to come back to the question of fiscal policy.
You say we have achieved long-term structural balance in fiscal policy in Canada. In that regard, changes have been made to Old Age Security and there has been no actual reduction in transfers to the provinces, but rather a reduction in the growth of transfers.
I also see, on slide 18, regarding net debt, that the plan is to significantly reduce the federal government's debt. However, we can see that the debt levels of territorial, provincial and local governments are rising, also significantly.
Is there a relationship between the decisions made by the federal government, in particular concerning transfers, and the long-term forecasts relating to provincial, territorial and federal debt?