Terms such as “talking the currency up and down” or “verbal intervention” are not terms we use at the Bank of Canada—I'll make that clear—again keeping to the framework.
You asked about intervention. As you know, and other members would be aware, the bank has not intervened in the exchange rate market—in the exchange rate market for the Canada dollar, to be more precise—since 1998, since the Asian crisis. That does not mean the bank will never intervene in exchange rate markets.
We have a clear policy, which is on our website, that specifies the occasions when the government—the bank, as agent on behalf of the government—might intervene in exchange rate markets. They're twofold: one is a breakdown in the actual market—gapping, lack of liquidity in the exchange rate market.... Interestingly, we saw an example of that in the Australian dollar during the summer. We haven't seen it in the Canadian dollar. The other is if, in the judgment of the governor—in the judgment of the bank—an excessive move has the potential to seriously undermine the economic prospects for the country.
I'll make one other point. Intervention is a joint decision. Intervention implicates the exchange fund account of the government, which is the property of the people of Canada, and so would be made jointly with the Minister of Finance.