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View Elizabeth May Profile
GP (BC)
Wayne, you're so generous today.
First of all, to Governor Macklem, I add my congratulations and welcome to a critical role at this critical time.
This is a little different direction than some of my colleagues have taken, but I want to ask you about modern monetary theory and how you see this affecting us as we come out of the pandemic. Modern monetary theory seems to imply that sovereign insurers such as Canada need not have too much fear about large deficit as long as the debt is held within the country.
I wonder how you think this might affect the position of large international borrowers like many of the developing countries and whether we might anticipate some type of debt forgiveness such as the jubilee year suggestions of some years back, as the COVID crisis will really impact the poorer nations far more and their ability or inability to repay foreign lenders.
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