Finance committee  Sure. To pick up on the second point, just for clarity, the reduction in the GST has taken about 0.5% off the inflation rate. What we've done in this document, because that effect will fall out a year after the reduction, obviously, is adjust the figures for that. I'd like to underline again, talking about 2% trend inflation at the moment in Canada, that we've also made a judgment in terms of what's happening with automobile prices, which we think are down quite sharply because of a one-time, but important, level adjustment resulting probably from the dollar achieving around parity.

Finance committee  Yes, but first of all, we're giving it over that two-year horizon, so we're not giving a point estimate for the fiscal year that you're referring to. Secondly, energy prices and commodity prices, as everyone's aware, have rallied very strongly in the first quarter of this year, so we're talking about off those levels, where we set the projection, and this document.

Finance committee  I'd make a couple of comments. Canada is in a relatively unique position at the moment with this issue in that there are certainly individual items that have moved but food price inflation as a whole has been very muted in Canada. That's a product of a couple of things, we think.

Finance committee  Yes, if it were possible.

Finance committee  It is an aspect of our reflection. You have outlined a very difficult specific case but, according to statistics, the new jobs that are being created will, on average, be better paid than those that have been lost in Canada. Of course, there will always be difficult cases such as the one you have just mentioned.

Finance committee  [Editor's Note: Inaudible] the services sector, but in general, yes.

Finance committee  Absolutely.

Finance committee  No, you did not miss it. We do not, Mr. McCallum.

Finance committee  There are two points. One is that we're not forecasting, but rather assuming, the futures curve that was there at the time for energy prices, which is about a 10% decline, as you note, over the course of the projection period. As well, we do make a forecast for non-energy commodities, which over the projection period is about a 15% gradual decline from the levels going in.

Finance committee  It's absolutely an important question. We certainly look at different regions, different sectors, how they're performing, but we have to manage monetary policy for Canada as a whole. The national aggregates, how the economy is performing, and inflation are a national phenomenon.

Finance committee  That is a very important question that touches upon the responsibilities that now fall to the provincial securities commissions. Certain securities are exempt. The transparency rules that apply to these securities are not as strict. The criteria that must be fulfilled in order to purchase an exempted security are very low.

Finance committee  That's a different question. I apologize.

Finance committee  I underline that we think we are being affected by the U.S. economy. That's why we have taken the decisions we have. We have incorporated the most likely effects into our projection, which you're referencing. That projection is a balanced projection, which means that there are risks on the upside—growth could be stronger—as well as on the downside.

Finance committee  Yes, this is a natural time to come. I'll also come as otherwise requested.

Finance committee  Thank you for the question. Bank balance sheets, central bank balance sheets, are becoming matters of interest. It's an unusual time and we're having to deploy them in different ways. When you think about what we lend out as the Bank of Canada, the liability side of our balance sheet, the vast majority of our liabilities are bank notes that are around the country.