That was very helpful. Thank you, both, for that.
I have about two minutes left, if I'm not mistaken.
There's been a lot of discussion here about what's contributing to inflation, the cause of inflation. A number of members have asked questions or suggested that it's the government's fault and that the decisions that the government has made have unduly contributed to inflation. We've had a discussion about the government spending. Earlier in my questioning, Governor, you answered the question about the fact that if we're close to that 2% growth in spending, we're not unduly contributing to inflation.
I want to ask you the question that a lot of my constituents also ask me: What is causing inflation? The last time you were here, I asked you about that. We talked about things like global supply shocks. We talked about the war in Ukraine and its impact on energy prices and food prices. For the sake of my constituents, but also for clarification here among the MPs, could you explain what the major reasons are for high inflation, not just in Canada but in many countries around the world?