CIBC recently did a study—I know you're familiar with it—in which they said that “2014 will be a year in which both the US and global economies will surprise on the upside. In the past, without fail, such an environment led to a rebound in capital spending by Canadian corporations.”
In your speech, Mr. Macklem, you said that the U.S. economy is reaping the benefits of expansionary monetary policy, Abenomics and the three arrows in Japan..., Europe is showing early signs of recovery, and China has grown to a solid 7.5% growth rate. Could you comment on the prospect of Canadian corporations opening up the vaults and starting to spend that money as conditions improve?