Mr. Gemmel, I am going to ask you a hypothetical question relating to the study we are doing today—adapting infrastructure to face climate change.
If we asked the FCM to choose between, on the one hand, a newly created $500-million federal program for adapting infrastructure to climate change, and on the other hand, a $500-million increase in tax revenues to municipalities that could be used for the same purpose, which of the two would you say is preferable?
Is it better to give the money to those who have the needs and expertise, since it's their infrastructure, or is it better to set up new federal programs?
I am not suggesting that federal programs should never be created, but I would like to know your opinion on this topic.