Peter Fragiskatos at the Finance Committee

On June 16th, 2020. See this statement in context.

June 16th, 2020 / 4 p.m.

Liberal

Peter Fragiskatos Liberal London North Centre, ON

I appreciate that, but let me put the question another way.

I'm not expecting you, Governor and Deputy Governor, to have numbers on this, but suppose—let's just engage the counterfactual here—the Bank of Canada did nothing. Suppose the federal government did nothing in the face of COVID-19. Is the prospect of a depression possible?

When the Parliamentary Budget Officer testified at the committee just a few weeks ago, he described a situation that very much mirrored a depression situation. When your predecessor testified, Governor, just a few weeks back, it was the same scenario.

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