Mr. Speaker, according to John McCallum, chief economist with the Royal Bank, the Bank of Canada's policy has been responsible for the steady drop in the standard of living of Canadians since 1990. And the new governor of the Bank of Canada has admitted that the bank is still implementing the policy introduced under the Conservatives by his predecessor, John Crow, a policy which the current Minister of Finance at one time denounced.
Does the Minister of Finance realize that the Bank of Canada's current monetary policy and the Conservatives' monetary policy are one and the same and that the policy is the direct cause of high unemployment rates and the drop in our standard of living, as he himself claimed during the last election campaign?