Thank you for your question.
In fact, according to the bank, the risks are balanced. What we did with this projection is that we reduced our forecasts for the Canadian economy, and we reduced them significantly for the American economy. There has been a significant reduction in our growth projections in the interest of balancing the risks underlying this forecast.
As for risks relating to emerging countries, there is a real likelihood for the upswing risks to happen, because as it now stands, in several emerging markets, the monetary policy is too accommodating. This is explained by a situation that has been caused by an imbalance in world markets and in the currencies of emerging countries. That is one example.
As for the upswing risks for the United States, we have reduced our forecast by 0.6% for next year, for example. That is a significant reduction. There are reasons to believe that the American economy will perform better than that.