Thank you, Mr. Chair. Thank you to our witnesses for appearing as we undertake the study of high-speed rail and intercity urban rail as well.
In 1995 a feasibility study demonstrated very clearly that very slight changes in variables literally made or broke viability in terms of a business case for high-speed rail. The longer I'm into this current study, the more I'm getting a sense that the Canadian business case is still quite fragile. In terms of what our presumptions will be going forward in constructing, the business case would have to be extremely solid, or any slight changes could really make the difference in whether this would be viable or not. Is that because we don't have some of the important elements that are present in the business case in Europe or Asia?
Maybe I should start by asking whether anyone has any understanding or opinion of whether high-speed rail in Europe is profitable in terms of cost recovery, both for capital and operating costs. If so, where would that be and for which lines? Does anybody know that particular detail? Maybe that's where I should start.