You explained it well, Ms. Kennedy. Thank you for that.
Before I go to our last witness, the first round of questions will be Mr. Fast, Mr. Fragiskatos, Mr. Ste-Marie and Mr. Julian.
The next witness, Mr. Poloz, who is a special adviser with Osler, Hoskin and Harcourt LLP, is not new to this committee. He is a former governor of the Bank of Canada, who is in a new position.
Stephen, the floor is yours.