Very quickly, since you read my speech to the OEA, at the back end of that speech are references to some fairly sophisticated work the bank has done--which I'd be happy to distribute to the committee--on what happens if governments get that balance wrong.
If they don't tighten fiscal policy appropriately and global interest rates spike up and potential growth is hit, it will also ultimately hit Canada. Also, if they do it too quickly or too abruptly, because of market pressures, there's the same end result. In fact, it's a little worse.
So what's needed is a package in order to get it right. In a nutshell, that is the imbalances discussion as it currently stands, and that is why the G20 framework is important.
In terms of the hand-off in Canada, what's required is confidence in macro policy. That means having a fiscal plan and implementing it. It means that the bank does its job, and no more than that, so we have confidence that inflation is going to be low, stable, and predictable. It means making sure that our financial sector is functioning, that the reforms are appropriate and that it's not layering on too much capital. And it obviously requires, as well, a degree of confidence in the private sector in the outlook for the global economy, which unfortunately is beyond our control. But certainly, our job is to inform Canadians with our best view of where the global economy will go.