Thank you, Mr. Chair.
I'd like to ask you whether the Bank of Canada is being too narrow in its focus on interest rates, because the former Bank of Canada governor had indicated a comfort level with the dollar in the mid to high 90s, which the Minister of Finance mistakenly took for a pegging of the dollar at that rate, which of course you don't. The comfort level with the dollar being at that level is extremely damaging to export-oriented industries. We've heard that the head of the CME, Jayson Myers, has said 85¢ is a reasonable rate. Any industry that is price-sensitive, not only in a North American context but in a global context, is going to suffer, not only from the precipitous rise of the dollar but from a dollar that is pegged to an economy with which clearly we do not have the same purchasing power.
This is my question. Is the Bank of Canada's focus only on interest rates not too narrow a focus, which is ultimately damaging, perhaps permanently, our manufacturing sector?