Thank you, Mr. Chair, and thanks to Mr. Giroux for coming to join our committee again today.
Mr. Giroux, in your remarks earlier you made the criticism that the fall economic statement does not have a fiscal anchor or clear thresholds for fiscal guardrails. I'm sure, however, that you're aware the Minister of Finance's mandate letter contains a commitment to bring in a new fiscal anchor.
Recently the former Bank of Canada governor has opined that Canada's debt is manageable with GDP growth. He said that:
…if economic growth is faster than the rate of interest, then the base you're taxing keeps growing faster than your interest payments, and gradually your debt declines as a share of GDP and your ability to finance it.
Do you think this would be an appropriate fiscal anchor, or what advice do you have that would guide government spending to ensure that Canada's debt remains manageable?