Just to be clear on the definitions, quantitative easing, first and foremost, involves the purchase of assets, and those assets can be either government bonds or private securities. Those purchases, to make it quantitative, are financed by the creation of new central bank reserve, central bank money. It's purchase of assets.
It very well could be government bonds, if we were to do it. We'd only do it if we needed to do it to achieve the inflation target to be consistent with this discussion. The judgment of the bank at that point in the future would be based on where the biggest bang for the buck for overall financial conditions would be.
So if we sat in front of this committee or businesses or all Canadians, and they said, “Well, this rate went down and that one went up, so what's the net impact?”, we'd look at having the biggest impact on overall financial conditions.