Governor Poloz and Deputy Governor Wilkins, thank you for being here today.
When you talked, Governor, about the change in product categories and the decrease in exports, in other words, capacity in these subsectors has simply disappeared, and if we talk about $30 billion in additional exports if it had stayed in the base case, how does that compare? If you look at analyses in previous decades on this, businesses fail and new businesses come in to replace them, all those types of things. It sounds to me like there might be a couple of factors that are contributing to the fact that these businesses have not been replaced on exports. Is it a factor of a couple of things, such as non-growth in those export economies, or is it that businesses simply haven't been replacing them as they have in the past?