Thank you, Mr. Chair.
I'll begin by thanking Mr. Poloz and Ms. Wilkins for appearing before the finance committee today. I thank Mr. Poloz for his incredible service over the years and wish him continued success in his future challenge.
The range of monetary policies announced by the Bank of Canada is astonishing and demonstrates a commitment to ensuring that the federal government, provinces and territories, banks, businesses and individuals across Canada have the resources needed to emerge from this crisis with strength and confidence. The opportunity to discuss details of these policies with you is incredibly valuable to all of us, and thank you for that once again.
The most recent monetary policy report presents two scenarios outlining how the severity and persistence of the COVID-19 crisis might impact the Canadian economy, and we've heard a lot of that through your comments today. The federal government has put forward $107 billion in direct support and as part of a potential total package of $765 billion, including liquidity measures to keep the economy going.
I have the following two questions.
How does the Bank of Canada's planning and response change in a worst-case scenario, where we remain in a full or partial lockdown for several months? Should the Bank of Canada and the Government of Canada be planning and preparing for a worst-case scenario, and do we still have sufficient fiscal and monetary room to meet the challenge if the current lockdown continues for several more months?