Thank you.
I am concerned. My concern is that we do the right things to ensure that this does not last for a generation. That is exactly what the policy is about, that the low rate, hopefully for not too long, gives you the outcomes you need to get through this crisis. Then as the world unfolds, we get back to normal. That's our outlook.
I want to emphasize that we're not alone in this. The Bank of Canada is capable of doing only one thing, which is to provide the right environment for the decisions that people, such as young people, would make in a price-stable environment, with a stable financial system. But if we are concerned about some of these risks, there are other tools, such as the mortgage adjustments that the finance minister has made. There's your team effort in action, which is very good.
I think the bank has been careful to continue to remind people that interest rates will be going up at some point. The consequence of that is that when young people are deciding to carry more debt than their parents did, let's say, at this age, they must do the arithmetic to ensure that they will be able to manage it at a higher interest rate, a more normal interest rate, let me say. In that context we believe the prudence is there, both on the lender's part and on the borrower's part and we've done our best to make sure it turns out well.