Okay, thank you.
One of the more direct measures that has been taken in a range of countries, for example by Israel and Hong Kong on the advanced economies' side, and by China and India and other emerging markets, has been to reduce the amount of a loan that can be set against the value of a property. Those measures are having some impact in terms of asset prices and, more particularly, house price inflation in those economies.
Now, in some of those cases the challenge is as much the stance of monetary policy as the stance of lending policy. In some of those cases monetary policy is loose, which is encouraging house price appreciation because the country's currency is managed, and that creates its own chain of issues. In Canada, obviously, we don't face that issue with the floating currency and our commitment to a floating currency; and we have, in relative terms, a different order of magnitude of activity and asset price behaviour in our housing market.
The CMHC, at the request of the Minister of Finance, took some tightening measures earlier this year and last year to make adjustments to the mortgage insurance that CMHC offers, which is a much more multi-faceted way of addressing the problem than a simple loan-to-value measure.
So I would say this area is something Canada is becoming more familiar with. Measures have been taken. Those are starting to have an impact. We work in close cooperation with the Department of Finance, CMHC, and the Superintendent of Financial Institutions to evaluate situations in the housing market and other markets, and we think about which tools are best suited to adjust. I would say that cooperation is very close, it's very effective, and that we have the appropriate level of vigilance in that regard.