Thank you, Mr. Chair.
Governor Macklem and Senior Deputy Governor Rogers, thank you for being here.
Mr. Macklem, thank you for your presentation and for your responses to the members' questions.
There's the issue of inflation related to the pandemic. You painted a clear picture of the past two years. Now, another major event has occurred, the Russian invasion of Ukraine. According to several economists, including Nouriel Roubini, there has been a paradigm shift. The risk of stagflation on a global scale is very high.
What are your thoughts on this major risk?