These programmes present inter alia the medium-term objectives for the budgetary balance and the adjustment path towards the “close to surplus or in balance” position. The ECOFIN Council is required to deliver an opinion on each national programme, which gives way to “peer pressure”.
It is an honour to be invited to appear before you and to help you in your examination of the challenges facing Canada's manufacturing sector. As far as I am aware, this is the first time that a Governor or Senior Deputy Governor of the Bank of Canada has appeared before this committee.