Thank you very much, Mr. Chair.
Thank you, Governor, it's nice to see you. Deputy Governor, welcome.
I hope we've perhaps set a precedent that until our inflation gets back into the control range, we'll see you regularly at this committee, but we'll leave that scheduling for later.
I think the central bank governors have one of the toughest jobs these days. I appreciate that in your responses to my colleague you mentioned that you've gotten some things right, and you've gotten some things wrong. That's a refreshing statement. I think we'd all be better served perhaps if members of the executive branch had the same level of humility.
I want to take you back to the fall of 2008 when central banks coordinated a 50-basis-point decrease as a response to the financial crisis at the time, I believe that was an off-cycle rate for a number of the countries that participated. It was reported that last week in the IMF meetings you had said it's on the table to do something more than 50 basis points. I'd like to give you the opportunity to expand a bit on that comment. Is more on the table and is there some coordination amongst central banks on the upside, if they could coordinate on the downside?