I had to step out for a moment, so good afternoon once again, gentlemen.
I have carefully read the document from the C.D. Howe Institute. In terms of monetary policy, you are very critical about the drop in the Bank of Canada index. I especially noticed in your document that your monetary policy council has 12 economists and they do not agree with each other.
The document does in fact show that you don't agree on what the impact of a drop in oil prices will be on the provinces. Do the provinces have to raise their taxes or rack up deficits? Your council is discussing that. There are no consistent views in terms of inflation expectations. According to your document, there is no consensus on the scope of the positive effects on the economy. You also don't agree on the effect of the decline on the stability of the Canadian economy.
When we insisted that the study bring together experts, we were hoping to find out where we were heading, but we seem to get a different answer from one economist to another.
I say this with sympathy, but the fact remains that it is difficult for us to see where we are heading if the price remains at $50 for four or five years.