There are several points to be made here. First of all, the Bank of Canada always has to consider such issues or eventualities. There is one fundamental point in that regard, however, and it is that our economy is highly diversified. You cannot just say that we have an energy sector, a forestry sector and that's all there is. Our economy is highly diversified, and the services industry is very significant. It has had great success in recent years. There are also a lot of jobs in that industry that pay higher than average salaries. So, I see this as one aspect of monetary policy, but at the same time, our economy is highly diversified, and that is an even more important fact.
On December 5th, 2007. See this statement in context.