Thank you, Madam Chair.
Mr. Carney, I'll turn the floor over to you to answer this and I won't interrupt. I'm not trying to pick on anything and I didn't want to get into definitions, so I'm going to turn my time over to this.
I just want to get an idea of where this is at now. You have said before, “To be clear, more expensive liquidity is a price well worth paying for making the core of the system more robust. Removing public subsidies is absolutely necessary for real markets to exist.”
That's what you said. That was five years ago, so to be fair I think a lot of things have changed. Is that the same kind of philosophy you stand by for affordable housing or government investments and so forth and how much we pay for those?
I'll turn the rest of my time over to you. There won't be any back and forth.