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View Gabriel Ste-Marie Profile
Thank you very much, Mr. Macklem.
I also thank you for answering my question in French.
I would like to draw a parallel with what your predecessor, Mr. Poloz, told us in his last appearance before the committee. In his view, it was very important to put in place budgetary and fiscal policies, since the tools of the Bank of Canada, the central bank, are already widely used.
As interest rates were already low, the previous governor closed the door to the use of negative interest rates. With respect to fiscal and tax policies, Mr. Poloz had strongly criticized the employment insurance system, whose purpose is to ensure income maintenance for workers who lose their jobs. As soon as the crisis began, the system collapsed. That is what led to the introduction of the Canada Emergency Response Benefit and the Emergency Wage Subsidy.
In your opinion, once the pandemic is over, will there be a need for a major review of the current employment insurance system, as suggested by your predecessor?
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