Finance committee  The Red Seal program is a good example. So that is one area I would highlight. You mentioned the temporary foreign worker program. The government is reviewing it. It is designed to deal with temporary skill gaps, and the intention is to bring workers in to fill those gaps on a

Finance committee  As the governor indicated, this isn't tax per se, but there's an analog. Just as people try to arbitrage the global tax system, financial institutions may try to arbitrage the global regulatory framework. As the FSB includes 27 countries, there has been a robust commitment and co

Finance committee  How about I answer the first question?

Finance committee  Yes. If asked, I will serve. There is a process that is ongoing. I don't think it would be appropriate for me to start answering interview questions here when there is a separate process. Respectfully, yes, if asked, I'll serve, but I will leave it there.

Finance committee  The key point to keep in mind and to underline is that because interest rates are so low and delinquencies are relatively low, people are not having a huge problem servicing their debt. But with a bigger level of debt, when rates go up, the potential for that problem to rise more

Finance committee  I'll simply add that our exports are more exposed to U.S. private demand than they are to U.S. government spending on goods and services. Sequestration, clearly, if it creates delays at the border, could affect our exports. But the recovery we're seeing in the U.S. housing sector

Finance committee  Indeed, we share this opinion. Global recovery is important in order to increase demand for exports. So that is one aspect leading to the recovery in Canada. Over the past two quarters last year, we saw weak exports in Canada. However, this situation will improve once there is a

Finance committee  Yes, I can pick up on that. Before getting into the reasons for the underperformance relative to what we expected, it's worth underlining that the biggest reason exports have been weak is that the U.S. economy, our major export market, has had the deepest recession and the slowes

Finance committee  Yes, I'm getting to that, but you need to know what part of the exports. It is the non-commodity exports. Why? A big part of it is exactly what the governor was saying: this was a very deep recession. A lot of firms closed, and it takes time to rebuild that. Second, there are

Finance committee  Yes.

Finance committee  Yes, I can, and it actually follows nicely on Peggy Nash's question. We were talking before about why exports have underperformed. Looking forward, there are some good reasons to expect that exports will come back and that the historical relationship with foreign activity will

Finance committee  I didn't really understand your question. In our two last reports, we tried to provide more detail on the risks, as the governor mentioned at the beginning of his remarks. When decisions about monetary policy are being made, uncertainty has to be taken into account. Risk manageme

Finance committee  The changes to the format of the report don't really stem from that risk. We wanted to better explain the fact that we took the risks into account and their bearing on monetary policy.

Finance committee  No, I don't think there is much to add. As the governor indicated, in terms of fiscal policy, whether it's federal, provincial, or municipal, our projections pertaining to the Monetary Policy Report are based on the announced policy tracks, so it takes into account what has bee

Finance committee  As fiscal policy changes, that would have an influence on our assessment, and we take that into account, along with everything else, in taking our monetary policy decisions.