Thank you, Mr. Chair.
Governor, thank you for your time today. It's been a very interesting conversation.
I have a few areas I want to touch on. I did have a chance to review your report, which was issued yesterday. It's quite a sobering read. There are so many things that jump out from it, but one thing that jumped out at me was the part where you talked about the exceptional policy response that the bank and the Government of Canada have engaged in. You list them all, basically: the CERB, the wage subsidy, the bond purchasing and the municipal bond purchasing. You talk about all of those things.
We don't know, because no one is able to say, how protracted this situation is going to be and how long we're going to be in this period of suspended animation. The way I like to think of it—and correct me if I'm wrong—is that it looks like the government and the bank have essentially put the economy on a form of life-support.
How long can we keep this up? How long can the Bank of Canada or the Government of Canada keep us in this state before things start to go wrong, and what kinds of things could go wrong if it goes on for too long?