If I may jump in, the Bank of Canada Act permits the central bank to buy literally any kind of asset. I think that is a very good option available to the Bank of Canada, because I think we're really into a very unknown period. My own sense, and I perhaps have never gotten this across, is that the basic problem with the worldwide economy and even the Canadian economy is insufficient spending, period. We want to get spending out. Once interest rates are zero, as my colleague said, you can't lower the rate, but you can certainly improve accessibility.
On March 10th, 2009. See this statement in context.