Thank you, Mr. Chair, and welcome, Governor and Senior Deputy Governor.
Obviously, this afternoon our thoughts are with the folks back in Toronto, after the incident that happened earlier today. Our thoughts and prayers are with them, and our thanks go out to our first responders.
Going to the subject at hand, Governor, I thank you for your introductory comments. You commented on the considerable progress the economy has seen over the past two years; the wage growth that's circa around 3%, which is great; and the pace of household growth, which is slowing year-to-year, which is a healthy indicator. I don't think you can binge, if I can use that word, on credit for too long. You need to do that.
There was a correction in the housing market as a result of the corrective measures we have undertaken and OSFI undertook with B-20 and B-21. In the April monetary policy report you increased our potential growth rate in Canada.
As an economist myself, what would cause a central bank to increase a country or nation's potential growth rate?