I think you've had the opportunity to speak to Mr. Carney about monetary policy and what the transmission mechanism looks like as he lowers interest rates or provides quantitative easing to banks--the time lags that are involved. It's fair to say the bank is still hoping that impact will play out.
Chris has said that the starting point is much worse right now. The policy challenge is that much bigger. There will be a choice down the road about whether more stimulus is required and what the impact of it will be, but the starting point is significantly worse.