Thank you very much, Mr. Chair.
Thank you, Governor, for being here with us today.
I want to start by thanking you for showing, on your lapel, your support for the Ukrainian people. I also want to come back to something my colleague Julie Dzerowicz asked you about in her round of questioning. She asked you about your response to being sanctioned, and I believe you called it “trivial”. I don't disagree with your characterization, but I want to say that I think that what's not trivial is the fact that you and many others in this country are being sanctioned, which is a symptom of the fact that Canadians and Canadian leaders are playing an important role in supporting the people of Ukraine. I want to thank you for that support.
With that, Governor, my first question is around the causes of inflation. At this committee today there's been an ongoing discussion about the root causes of inflation. It's being discussed in the media across the country. As part of that dialogue, there's been some discussion that the bank's so-called “money printing” is the reason we see inflation where it is today. Could you comment on whether those characterizations are accurate?