Thank you, Chair.
Thank you, Mr. Giroux, for your testimony today and for all the work you're doing.
I want to follow up on some of the questions that Mr. Poilievre posed. You've been asked today about Canada's debt-to-GDP ratio relative to other countries, and you said that we have a very good debt-to-GDP ratio when we compare ourselves with other G7 countries. That would include, also, federations that have within them municipalities that have states and/or provinces with debt levels as well.
When you make that comparison, you're not excluding federations, are you? You're also looking at countries that have a federal structure of government?