Thank you very much.
Mr. Hodgson, I'll turn to you. This committee I think always appreciates your insights and advice. I know that as we debate Bill C-15 and subsequent budgets and economic strategies for the country, a number of us feel there are a couple of ways in which we can contribute. You touched on a couple of them.
You speak of the “new normal”, of “anemic” growth, and also of taxation and the need for tax reform in the country. They converge in this way, and I'd like you to expand on this, if you would. What are the regulatory, institutional, fiscal, or other impediments to growth in the country? How might we rearrange those tools and perhaps lighten the load in terms of regulation or taxation in order to achieve or accelerate growth beyond this new normal?