The first thing is—and you know this, but for everyone's benefit—when the bank forms a projection, we try as much as possible to have a balanced projection. There are always upside and downside risks. Unfortunately, over the course of the last several years, those downside risks have felt heavier. So we try to adjust the base case so they're roughly balanced between the upside and the downside risk. As we sit here today, Ms. McLeod and others have talked about the housing risk, which is correct. Household spending can go both ways in Canada. We could see, on the upside, a reacceleration of household spending. We have seen that in the past, when tightening measures were taken in mortgage insurance. There was a period of adjustment and then a reacceleration. We don't think that is in prospect a sharp readjustment, but we have to be vigilant.
We could see also on the upside stronger export performance. One thing we haven't talked about yet this morning is that the Canadian export performance has been particularly weak relative to expectations. We can go into the details of why that is, but I'll simply say that we have held that weakness, if you will, over our projections. So we haven't had a return to the historic relationship between Canadian exports and foreign demand. That means there is an upside risk if things go back to the way they historically were. On the downside, of course, there could be weaker global demand because of events in Europe, impacts in the United States, and the flip side of the housing risk as well.
I'll let you ask your second question.