Mr. Chair, I want to speak to the establishment of interest rates, the interest rate policy.
I understand your principle that you want to keep inflation between 1% and 3%, and nobody would argue with that. What I would ask is, on the system and the considerations you make in establishing the interest rate, if you look at the current time, our rate is acceptable at 2.2% and you're looking at 2.7% over the short to medium term. That's our rate of inflation. But if we break it down across the country, your report shows that in Alberta there's a surge and it's at about 5%, and that's acceptable because we're coming in under 3% nationally. But if that same surge at 5% or 6% was in the Ontario market, our national rate would be heading above the 3% and would probably trigger an interest rate increase. So that action you're taking to cool down one region of the country can stifle or crush the other regions.
What do you take into consideration when making that type of decision?