Finance committee  For the future, we are now building our expertise on analysis and the search for financial stability. We are working closely with our federal partners on regulation concerning the major issues and we are taking part in the efforts of the G7, G20 and IMF on a global scale.

Finance committee  Yes. Our direct powers on these issues are limited, which was the question from Mr. McKay. So our influence is through analysis, research, exhortation, but as currently constituted, we have limited direct responsibilities in this area.

Finance committee  If I may, just so everyone's following along, you're on to an important point in that we have revised down our outlook for potential output growth, and in part it's because of the expectation of significant restructuring in key sectors such as the automotive sector. Basically, as

Finance committee  It is very difficult to predict the next crisis, and I would encourage this committee to study carefully the lessons of the crises that were born outside our borders to see their potential applicability to the Canadian system. One should never assume that because it hasn't happen

Finance committee  Let me make two points in that regard. First, as Monsieur Duguay mentioned, the bank did warn about the problems in Canadian asset-backed commercial paper in both 2005 and I believe 2007, and quite clearly deux fois, I believe. The second thing is what we could have done furth

Finance committee  Very briefly, the issue of paradis fiscaux, or tax havens, was an issue addressed by G-20 leaders in London. It is on the agenda. It was not a core part of the problem, but as you suggest, it doesn't mean that it shouldn't be looked at, because it could be part of the next proble

Finance committee  Okay. I take it there's a question mark after that. The first thing is that I would note that G-20 leaders agreed in London on the importance of a macro-prudential approach to regulation. So that is a declared objective of all the major economic powers of the world. The questio

Finance committee  Thank you. First, you're right. It is absolutely preferable right now to have a certain degree of stability. With our conditional commitment, I believe we have provided that in part. However, it is a conditional commitment, and conditions are inflationary prospects for Canada. T

Finance committee  Yes.

Finance committee  You're right once again. It's absolutely necessary to have an exit strategy. It's necessary for the federal reserve and it's one of the principles of the Bank of Canada. If it were necessary to use our framework, it would absolutely be necessary to have an exit strategy. One wo

Finance committee  Thank you for your question. First, I would like to emphasize a few points. The objective of these transactions would be... I'm using the conditional for a reason. This isn't the Bank of Canada's plan, but it is one card up our sleeve, only in the event it becomes necessary to pr

Finance committee  The Bank of Canada has no interest in pursuing an industrial policy.

Finance committee  The entire amount was used by the banks and the caisses centrales. I would like to clarify some points. First, those transactions are subject to a guarantee. Moreover, with respect to monetary and capital markets, we closely monitor the banks' transactions. We frequently speak wi

Finance committee  How much time do I have left?

Finance committee  I thought Mr. Mulcair would ask me that question very elegantly. With your permission, to go more quickly, I'm going to answer in English. What is different? The first point is that our projection is similar to our projection in January. The recovery has moved out by a quarte