Evidence of meeting #81 for Finance in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was jean.
A recording is available from Parliament.
12:20 p.m.
Liberal
The Chair Liberal Peter Fonseca
Mr. MacDonald, we're at the end of the time there, so they might have to come back to that question and answer it at a later stage.
We are entering the third round, members. Mr. Fast is up right now, for five minutes.
Welcome back, Mr. Fast.
12:20 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
Thank you. It's great to be back with this committee.
I'm so glad to see that Mr. Marion is back online. My questions will be focused on him.
I'm so glad, Mr. Marion—
12:20 p.m.
Liberal
The Chair Liberal Peter Fonseca
Just before you commence, Mr. Fast, we do have Mr. Marion listening, but still, with the sound, the interpreters, it's not possible to have Mr. Marion.
12:20 p.m.
Liberal
The Chair Liberal Peter Fonseca
However, you can pose the questions, and Mr. Marion can then send the answers back in writing to this committee, as we've asked.
We apologize, Mr. Marion. We're experiencing some significant technical challenges, and it is just not working with interpretation.
Mr. Fast.
12:20 p.m.
Chief Economist and Strategist, National Bank of Canada
Okay, so you can't hear me.
12:20 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
Is it very clear that Mr. Marion cannot speak to us? He does have a headset.
12:25 p.m.
Liberal
The Chair Liberal Peter Fonseca
Interpretation is not getting clear sound. That's my understanding. Interpretation is not getting clear sound, for whatever reason.
12:25 p.m.
Liberal
The Chair Liberal Peter Fonseca
Interpretation, Mr. Fast.... It's not the members. Interpretation is not getting clear sound, and they're not able to do their job, so we cannot continue with Mr. Marion.
We apologize for the technical challenges. Mr. Marion, what we would like is that you send in the opening remarks that you have for us, and the clerk will distribute to you all of the questions that have been asked here. You have an opportunity, then, to give responses back for our report, for the analysts, so that they are able to do their job.
Mr. Fast, please.
12:25 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
I will address my question to Mr. Marion, because I was very pleased to see that after we had a discussion about the various impacts that affect inflation in Canada, such as the war in Ukraine.... We talked about supply-chain constraints. We talked about excess savings, about the Inflation Reduction Act.
Mr. Chair, I was glad to hear that Mr. Marion actually got to the nub of the issue, which is something that we actually have control over in Canada: our productivity.
I'm going to ask Mr. Gregory this: What impact does our lagging productivity in Canada have on our ability to address inflation on the supply side?
12:25 p.m.
Managing Director, Deputy Chief Economist and Head of U.S. Economics, BMO Capital Markets
When you look at our poor productivity performance, it's also sort of matched with whatever kind of wage inflation we're seeing. At the end of the day, what drives the inflation process is not any particular pace of wage inflation but the extent to which it's above and beyond the pace of productivity. It's what economists refer to as unit labour cost. To the extent that we have poor productivity performance, that sort of contributes more to an inflationary dynamic with respect to wage gains.
Another aspect of that is the competitiveness. The more productive we are as a society.... Not only does it help to dampen inflation pressures over time, but it also makes us more [Technical difficulty—Editor]
12:25 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
I have a point of order, Mr. Chair. Technical difficulties are encumbering the committee's ability to do its work today.
My understanding is that all witnesses are supposed to be tested in advance of the meeting to ensure that they are able to respond to questions. I'm wondering how it's possible, then, that Mr. Marion is unable to participate in this meeting. Who's responsible for letting that happen?
12:25 p.m.
Liberal
The Chair Liberal Peter Fonseca
That's a great question.
We did test with Mr. Marion. We were having challenges right up to the time that we started the meeting. We were hoping that they would be rectified. As we can see, they were not. We've heard from interpreters that they cannot get the sound to be able to do their job in a safe way and to be able to do their job effectively by getting all of the interpretation correct, so the decision was made, as is our protocol, to not have Mr. Marion.
We apologize for the technical challenges. However, we do the testing beforehand, Mr. Morantz, and we try to do the best we can with the witness. Sometimes it's the Internet; sometimes it's just computers.
I understand—and I'll just share this with members—that Mr. Marion's computer was going through an update. Right before, it just started an update. That happens. It's happened to some of the members here, and those are the things that take place.
We don't have full control over technology, and sometimes it does let us down. However, I have to say—I've stopped the time—that in many of the meetings we've had here in our committee, in all committees and throughout the House of Commons, with the ability to use Internet and the technology that we have before us, we've been able to bring in amazing witnesses from right across the country and right around the world. At our last meeting, we had witnesses from Paris, France and from Stockholm here with us.
That's where we are right now, Mr. Morantz. I'm going to go back to Mr. Fast.
We stopped the time. You still have two-plus minutes.
12:25 p.m.
Liberal
Sophie Chatel Liberal Pontiac, QC
On a point of order, I just want to say that I have great empathy for the extraordinary work of our translators, but I have also great empathy for Mr. Marion in coming to our committee and having great things to share with us. This committee is undertaking a very difficult study on inflation, a matter that Canadians care greatly about.
I understand both sides, and my heart goes to both.
Mr. Marion, on behalf of the committee, I would like to say how sorry we all are to not be able to hear you. Please be certain that your comments in writing will be part of our report. If there's anything else we can do to have Monsieur Marion back....
Thank you.
12:30 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
On that same point of order, I think what Ms. Chatel has suggested implicitly is that we have Mr. Marion back. I spent some time reviewing each of our witnesses' comments on the economy and on inflation, and I wanted to focus my questions...to direct them to Mr. Marion. He's not able to respond.
I would really appreciate it if the committee could call him back, whether in person or with proper translation confirmed.
12:30 p.m.
Liberal
The Chair Liberal Peter Fonseca
Thank you, Mr. Fast, Ms. Chatel and Mr. Morantz.
I think you speak for all of the members here. We would love to hear from Mr. Marion virtually, but even better, we may have an opportunity, if Mr. Marion's schedule allows, to have him come back in person and be here before our committee at a future meeting on inflation. That may be something that is possible, but in the meantime, what we're trying to do is allow Mr. Marion to send in his opening remarks, as well as have an opportunity to answer, in writing, many of the questions that have been posed here during today's meeting.
I think those were good comments from all the members. Like I said, we want this to work as well as possible for the witnesses, for the members and for everybody, really—technicians, interpreters, the clerk, the analysts.
Right now, Mr. Fast, you are at three minutes. You have a couple more minutes to ask questions, please.
12:30 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
I have another point of order. I'm sorry, Mr. Chair.
I think Mr. Gregory dropped off. Am I correct?
12:30 p.m.
Liberal
The Chair Liberal Peter Fonseca
I do not see him on the screen right now. We're holding on the time.