Thank you, Governor and Deputy Governor, for being here with us today.
I want to pick up on a comment that appeared in an article yesterday. The headline read, “Canada has room to run deficits”.
The average Canadian isn't going to understand monetary policy in depth. When they read a headline like that, it gives them confidence. One of the roles of the Bank of Canada is to give consumers confidence in monetary policy.
If we're running these deficits up to almost $30 billion, what is the room? What is the gap? Where do we start to get into trouble in the debt-to-GDP ratio?