You're quite right, there are two factors: there's credit availability and there's the price of credit. That is a real problem. When the central bank interest rates get to zero, there is very little more the central bank can do except to get into the quantitative easing fit, and that's exactly what we were discussing in our paper. The central bank should be—and I think the deputy governor mentioned when he appeared before this committee that they would have to be—considering going into quantitative easing. The Fed did so about six months ago, and there was an enormous increase in purchases of instruments in the credit market. It is exactly what is needed here to bring interest rates down in the various markets.
Now the Government of Canada has set up a mortgage repurchase scheme, which is again exactly for that purpose: to make sure that mortgage interest rates are not so high. The government will move into that market to bring those interest rates down. The central bank may have to do the same in other markets to bring those interest rates down, so that you have both the availability of credit and a reasonable interest rate.