We've not done any specific studies, though I think in terms of what underlies our fiscal and economic projections, I could say a few things. Private sector economists, the average private sector forecasts, the numbers that are in front of you today, suggest very moderate inflation, something in the neighbourhood of, at the consumer price level, 2% average growth per year.
Underneath that, I should say that when we estimate where the economy is vis-à-vis potential, we see a large output gap right now. There's a lot of slack in the economy. Notwithstanding the fact that we've had good progress in reducing our unemployment rate, there's still slack in the labour market. There's a lot of slack in capacity utilization in manufacturing sectors. That output gap I think will keep downward pressure on wages. We're not seeing any significant increases in wages.
Having said that, I think when you look beyond the short term to the medium term, and you look at some of these issues we're seeing now in terms of food price inflation, potentially some oil price inflation—we'll see where things go in the Middle East—it does create a concern that you'll see inflation, particularly in some of the emerging economies. Depending on where things happen over the short term for more developed economies, we could find ourselves.... It's certainly a risk to the fiscal framework: higher inflation, resulting in potentially higher interest rates, a higher cost of debt.