Finance committee  I don't think it's wise for the governor to get into investment advice for Canadians. I would say a general point is that we have some concerns--we referenced this in the report--with the increased prevalence of very long amortization and very high loan-to-value mortgage products

Finance committee  We scrutinize it for the medium term and for the longer term. I might begin by mentioning a few points. For 15 years now, Canada's average annual growth has been of approximately 3.3% in real terms. We are facing a demographic challenge. I believe that the Committee has studied

Finance committee  I heard three questions in there, and I'll try to answer them quickly. In terms of the financial market or financial system, the distinction is that a financial system would include financial markets but would also include, importantly, the clearance and payments system and fina

Finance committee  I agree.

Finance committee  Mr. Mulcair, you have focussed on a very important question. Bank costs have increased, but there remains a spread for most banking products, with the exception of mortgages. My numbers are somewhat different, but you are absolutely right. It is somewhat difficult to explain, bu

Finance committee  Absolutely.

Finance committee  First of all, there could be structural aspects within the market, and that is a challenge for the Bank of Canada.

Finance committee  Exactly. Secondly, we understand this... I will continue in English.

Finance committee  We understand this issue of the spreads going up, and in how we calibrate monetary policy we are taking it into account. It's one of many factors. We see the costs of the banks going up, and it's illustrated, as you say, on page 19 of the report in terms of the spreads going up f

Finance committee  I am entirely in sympathy with the thrust of the question. The TILMA agreement has much to be recommended, and the recent initiative between the provinces of Quebec and Ontario to explore greater openness and flexibility along that provincial boundary is encouraging. At a time of

Finance committee  I'd be happy to read out that entire speech for you, Mr. Menzies.

Finance committee  In terms of the overall employment issue, you've raised a number of important points. Certainly, first of all, there is a very difficult adjustment going on in the manufacturing sector in Canada. I think this committee is aware of it, and we are certainly aware of it at the Bank

Finance committee  I will perhaps begin, and then let Mr. Jenkins take over. Domestic demand in Canada has remained robust. We do face challenges with regard to our exports. Indeed, there would be an absolute reduction in our exports. That is one aspect of the issue. Furthermore, I would like to

Finance committee  I tried to say in a speech in Toronto on March 13 that we were at the end of the beginning, because I think we collectively had a much better understanding of the causes of the crisis. One of the issues there, in terms of moving from understanding the causes to resolving them, is

Finance committee  I wish to begin by thanking you, sir. I found your suggestion excellent. You talked of openness and it is in this spirit that we will be meeting. As for our comments contained in the Monetary Policy Report, it is our hope that the shelf life of this document will be longer than