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View Gabriel Ste-Marie Profile
BQ (QC)
Thank you, Mr. Chair.
Good morning and welcome to the committee, Governor Macklem. I congratulate you on your appointment.
Madam Senior Deputy Governor Wilkins, thank you for appearing again at the committee.
Regarding the name of a Canadian personality who deserves to be on the five-dollar bill, Mr. Fraser suggested Terry Fox, and I would like to suggest the chair of our committee, Mr. Easter.
That being said, let's move on to more serious business.
Economists Joseph Stiglitz and Hamid Rashid are concerned that much of the fiscal and monetary policy measures put in place during the COVID-19 pandemic are not being used immediately to stimulate consumption and business investment, but rather to increase reserves. You alluded to that briefly in your presentation. The economists say that this leads to the paradox that we may end up with a massive increase in the money supply and a low use of this liquidity by households and businesses.
Economists are concerned about a possible speculative bubble, especially in the stock markets, as there is a lot of available money that is not being used by consumers and businesses.
Could you give us your opinion on this? What is your analysis of the situation?
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