Thank you.
The first thing I would say, as I mentioned in my opening statement, is that what is important ultimately is that we have sufficient instruments to achieve our inflation target, and I would remind you—I know that you know this—that the objective of the Bank of Canada is to conduct, across the suite of policy options that we have, all those policies in order to achieve the 2% CPI inflation target. In that context, the exchange rate is an important factor.
To answer your question directly, history has shown that intervention in and of itself, without backing policy moves or policy moves that are consistent with the direction of that intervention, seldom is effective over the longer term. What we have underscored with the current situation with the Canadian dollar is that in the context of all other factors that are affecting aggregate demand and inflation in Canada, it is a downside risk. Recent movements have caused a shifting out by one quarter in the profile of when we will return to our inflation target, and within that context, the bank retains considerable options to provide additional stimulus, if it's required, in order to achieve that target.