Mr. Paillé, there is no risk of the Bank of Canada making changes too quickly or too slowly. Our objective is very clear, as you have just stated. It is a rate of inflation measured by an overall CPI of 2%. This is not a religion, but a mandate from the people of Canada, represented by the government of Canada. An agreement between the Bank of Canada and the government of Canada is in place until the end of 2011. The Bank of Canada and the government will then have the opportunity to make changes, if they so wish. It is a matter of choice and not of religion.
In our opinion and in that of the government of Canada, the best contribution of the monetary policy to the welfare of Canadians is an inflation rate that is low, stable and predictable. Inflation has a painful impact on poor and disadvantaged Canadians. You listed several factors that impact upon the level of economic activity in Canada and, therefore, on Canada's inflation prospects.
At the Bank of Canada, we are able to react to these various factors. In my comments, I mentioned that nothing is a done deal. Global activity could change several factors, including the value of our currency, that could impact upon the inflation prospects in Canada. If such is the case, the Bank will react.