We operate nationally. The weight of Alberta is roughly 12% nationally. The weight of Ontario is I guess about 43% or 44% nationally. So obviously, if indeed in Ontario or Quebec we had inflation going through the roof, it would necessitate much stronger action.
A good example would be 1988-89, when in fact there was actually a huge problem in central Canada and we had to take very vigorous action, you'll recall, back then.
This is a problem, and maybe on this we'll conclude, because there is no optimal currency area. Whether you're in Europe—because the Europeans have the same problem—whether you're in the United States, or whether you're in Canada, as long as you have, in essence, a continental entity that is very large and quite diverse, you are always going to have this. The real issue is to get movement in the relative prices and wages in the various areas. That's what's working.
Right now, we have inflation running at between 0.5% and 1% in the east and at around 5% in Alberta. That is encouraging movement of resources into those areas that need the resources, whether they be human or capital, and indeed we're getting the adjustment across the whole economy.
It's not easy. It's not easy at all. And it doesn't mean that everybody adjusts smoothly. There are always hiccups along the way. But the one thing that I think we collectively have learned over the last 30 or 40 years is that not to adjust is not an option. Failure to adjust means we all go down the tubes together, rather than rise together. So that's what's going on. It's not easy, but it is very beneficial to all of us over the longer haul.