Thank you, Mr. Chair.
Good afternoon, everyone.
I am here today on behalf of the Institut de recherche en économie contemporaine, an independent professional research organization specializing in the analysis of industrial, agri-food and financial policies.
Over the past two years, we have created a research thrust on matters related to reindustrialization, production relocation and manufacturing import substitution. Those trends are related to a significant reconfiguration movement of western economies' supply chains, which is gradually reversing the outsourcing movement toward low wage countries, as well as the internationalization of supply processes in intermediate inputs, which had involved the just-in-time method since the 1990s.
The health crisis has obviously emphasized and accelerated that reconfiguration, but perhaps its main effect has been to highlight the growing risks global supply chains must address. Those risks include, for example, economic and financial crises, climate change, more frequent trade disputes, the resurgence of economic nationalism, widespread geopolitical instability, migration movements, cyber-attacks, and so on.
Among systemic risks—