Members, we are a few minutes late because the previous committee extended their time.
For the first hour, we have two witnesses who have graciously agreed to come back. We had an hour with them before, but we had so many questions that we asked them to come back. I want to thank them both for making themselves available again on very short notice with respect to the impact of the appreciating value of the strong Canadian dollar on the Canadian economy.
We have before us today two witnesses from the Bank of Canada. We have, first of all, the senior deputy governor, Paul Jenkins. Secondly, we have the deputy governor, Mr. John Murray. Welcome.
My understanding, Mr. Jenkins, is that as you gave an opening statement last time, we will use this hour for questions from members. We will start the first round with six-minute rounds.
We will start with Mr. McTeague, the vice-chair.