I am Louis Morel. I’m the director of the Advanced Economies Division here at the Bank of Canada. Because Canada is so connected to the world, what happens in other countries has a large influence on our economy. A lot of the jobs that are here in Canada depend on what’s happening elsewhere, through the imports and exports. I’m Pierre Pyun. I work for a multinational firm. We have close to seventy five operation sites in about thirty countries, in Asia, in Africa, in Latin America, in North America, in Europe and in the Middle East. We have a whole lifecycle approach to our products. That means we are involved with every step: from conception to design, to testing, simulation, manufacturing, servicing and even disposal at the end of the product’s life. Let me give you an example. A loaf of bread is made in different stages. First, we produce here in Canada a lot of wheat. This wheat is turned into some flour, the flour into some dough, the dough is baked, and then we get the loaf. The loaves get distributed to all the supermarkets in Canada. So each stage of production constitute what we call the value chain. If those stages are actually produced in different countries, then we have a global value chain. We take advantage of the competitive strengths of each jurisdiction to make our products in the most efficient way possible. Just like you, I like playing video games. But one thing that we have to realize is that the console and the television set that you’re using for those video games are produced and manufactured in Asia. Here’s an example how the global economy affects you.