Thank you.
My second question has to do with the concept of prudential macro-management, which I think you've spoken of quite frequently. My understanding is that at certain times in the past you've suggested that the Bank of Canada's mandate might go beyond inflation per se to include some kind of prudential macro-management of the economy, which would involve more direct activity vis-à-vis banks.
My question is double-barrelled.
Perhaps “power struggle” is not the right term, but how would you describe the current division of labour between OSFI, the Bank of Canada, and the Department of Finance, including the minister?
Second, there was an interesting editorial in The Globe and Mail this morning that said that maybe the Bank of Canada should have an expanded mandate--perhaps what you might call prudential macro-management--but should the Bank of Canada have an expanded mandate, there should be an opportunity for parliamentary debate because it might require some change in the Bank of Canada Act.
The double question: one, what is the current division of labour; and two, what do you think of parliamentary debate on the possibility of an expanded role for the Bank of Canada?