Finance committee  There would be disparity. Two per cent is an average. If you think of the adjustment we did to the operating surplus at the provincial level in the late 1990s, it was more than two percentage points. It wasn't sustained. This has to be sustained. It is a significant challenge. I

Finance committee  I think the whole world is waiting to see some type of fiscal plan, medium term or longer term, from the United States. As was highlighted in my remarks and highlighted by the International Monetary Fund in its world economic report, that type of uncertainty is actually having a

Finance committee  I think at the present moment the uncertainty with respect to the so-called fiscal cliff in the United States, and in Europe as well, is having a negative impact on investment around the world.

Finance committee  I'm sorry, could you repeat the question? I didn't hear it. I apologize.

Finance committee  The monetary easing...?

Finance committee  Oh, the QE3.

Finance committee  I'm sorry, sir. On the QE3, I think one of the things that we've changed in our projections is lower longer term interest rates. We've actually revised down our longer term interest rates, both for the United States and for Canada, in our projections. I think we've seen that ac

Finance committee  Well, sir, in our mandate and in the act of Parliament, it talks about preparing analyses on economic trends in the nation's finances, so when we do fiscal sustainability work—I think where we find that as well, from the AG's report, is what Finance is doing as well—with our limi

Finance committee  Well, what we've done, and what we've actually published in the last two fiscal sustainability reports, is to look at the consolidated sector. I think what we've said on that sector is that the provincial-territorial-local sector faces a fiscal gap of something in the neighbourho

Finance committee  At the moment, the PBO operates within its mandate as specified in the act of Parliament, which says that we can provide independent analysis on the economy, the nation's finances, the estimates, and costing. At the present time, we are working within that mandate. With respect

Finance committee  It's true that my mandate, my five-year appointment, will be up in March 2013. There is a process in the act that deals with replacing the Parliamentary Budget Officer, or finding a new candidate. It's also possible that I could seek an additional term. The Parliamentary Librari

Finance committee  If the process were started now, I don't see why they couldn't find a very capable, knowledgeable, experienced candidate. I think there are probably three others around this table right now who would love to do the job. If we start the process soon, I think people will come.

Finance committee  We have not been asked, but certainly we could talk about what such a process could look like and how we would put together such a costing. We'd be happy to talk to you about that.

Finance committee  Thank you, Chair. Good afternoon Mr. Chair, vice-chairs, and members of the committee. Good afternoon Mr. Chair, vice-chairs, and members of the committee. Thank you for inviting me and my colleagues to speak to you today about Canada's economic and fiscal outlook. Yesterday,

Public Accounts committee  Sir, we're very comfortable in providing our estimates to you, to all parliamentarians, on a 30-year basis, and we think that's quite consistent with Treasury Board policies and international practices.