Mr. Speaker, every day, owing to Canada's enormous debt, a federalist legacy, we see the extent to which interest rates and monetary policy are determined by the central bank of our neighbours to the south and by international financial markets.
On May 16, 1994, even Canada's finance minister acknowledged this dependence on financial markets, and I quote: "Canada's debt, especially its foreign debt, undermines the sovereignty of this country. Our sovereignty suffers when we have to keep our interest rates high-even if our rate of inflation is among the lowest in the world-in order to attract foreign investment".
Because of Canada's dependence on foreign investment, it is clear that if the finance minister ignores his obligations as the manager of this debt by refusing to negotiate a new economic partnership with Quebec, national and foreign markets will call him in to order.