Thank you for your question. It is complex, but very relevant, given present market conditions. With regard to Canada, allow me to respond in English.
The issue you're identifying--and I appreciate your acknowledgement of our inflation target--and the discipline that imposes on us in terms of the management of our monetary policy is such that this “easy out” on the fiscal side, if you will, or more broadly, is not likely to happen. We have to respond appropriately, anticipating inflationary pressures in this economy, so that one is not in a situation where there's a sharp increase in interest rates down the road--an overshoot, if you will--in the monetary response because of timidity early on.
The intent of major monetary authorities around the world is to follow similar policies. Their intent is to do that, and I have confidence that they will. Whatever they do, though, we have the ability to control the rate of inflation in Canada.
We are masters in our own house, in particular with regard to the inflation rate in Canada.
We will take the necessary steps.
I would say finally that the solution to this--and this is a slightly gratuitous comment, but it's something that has been discussed--the solution to these debt issues in other countries, in our opinion, is not to change the rate of inflation, to try to target a higher level of inflation in order to inflate away the debt in a sort of orderly fashion. It's extremely difficult to move from a low to a higher rate of inflation. I think that view is shared more widely.
Thank you.