I call this meeting to order.
This is meeting number 71 of the Standing Committee on Finance. Orders of the day are pursuant to Standing Order 108(2), a study of the impact of low oil prices on the Canadian economy.
I want to thank our witnesses for being with us here this afternoon in Ottawa. I want to apologize for the delay caused by the vote, and I understand that we may have another vote, but we very much appreciate your being here with us.
We have, first of all, from the University of Ottawa, Monsieur Jean-Thomas Bernard. We have Mr. Philip Cross, from the C.D. Howe Institute. From Memorial University of Newfoundland, we have Professor Wade Locke. From the C.D. Howe Institute as well, we have Mr. Steven Ambler. From RBC Financial Group, we have the senior vice-president and chief economist, Mr. Craig Wright. Welcome.
I understand Mr. Randall Bartlett, from TD Bank Financial Group, had to leave for a personal emergency, so we hope everything is okay there.
You each have five minutes. If you could shorten that at all, it would be very much appreciated.
Professor Bernard, you have the floor.