Thank you, Mr. Chair.
Hello, Mr. Giroux. I'd like to start by commending you and your team on the outstanding job you're doing during this crisis. Based on the number and quality of your publications, it's clear you're not slacking off. Far from it.
Let me start with a brief observation. You reminded us about the debt-to-GDP ratio from the mid-1990s. As we know, the solution that the federal government of the day came up with was to punt the problem to the provinces by cutting transfers, including health transfers. Obviously, we hope to see a near-term solution to the fiscal imbalance.
My first question is about accounting for loans and loan guarantees. The government has freed up nearly $200 billion for loans and loan guarantees. We don't know where it will end, because Canada seems to have unlimited money now. But Parliament only votes on spending. All those loans and guarantees won't become spending until they're written off in 10 years' time. By then, it will be too late to exert even a modicum of control.
Do you and your team think there's some way to get more control over what's being done? What would you suggest?