Hon. John McDermid (Minister of State (Finance and Privatization)):
Madam Speaker, I find the comments coming from my hon. friend rather interesting. She says that the government dictates the monetary policy of the Bank of Canada when she knows full well that does not happen.
The Bank of Canada runs the affairs of the country through financial matters and the market dictates levels of interest rates. We agree with the Bank of Canada in getting interest rates and inflation down. They did that.
Governor Crow and the deputy minister of finance are having an interesting debate right now. I guess hindsight is 20/20. Anybody can go back and say they should have done this or they should have done that. That is an honest discussion on what has gone on in the past. However we believe and the governor believes the actions he took were the right ones.
I think we are finding that the results were right. The reports coming out of the OECD today indicate that we are poised for the best job creation, the best growth over the next two years, the lowest inflation and the lowest interest rates, all good signs for the economy. One of these days the Liberals are going to wake up and say that was the right thing to do.
Topic: ORAL QUESTION PERIOD