Thus, the growth of the net capital stock, despite its recent acceleration, remains well below the peak rates posted during the past half century. Despite the broadening in recent decades of international capital flows, empirical evidence suggests that domestic investment still depends to a critical extent on domestic saving, especially at the margin. Many have argued persuasively, myself included, that we save too little.
Let me begin by saying that it is a pleasure for me to appear before you for the first time as Governor of the Bank of Canada. I know that these regular discussions with your committee have been very valuable to the Bank, and they are also an important part of our accountability to Canadians. I look forward to these meetings during my tenure.