I think it's fair to say that when you look at credit growth and various measures, and surveys done by the Bank of Canada on credit growth in general at the business level, we haven't seen the significant tightening that would raise major concerns.
I think what you're alluding to is what if we found ourselves in a scenario, somewhat similar to the fall of 2008, where we had a banking crisis, and what would that mean in terms of tightening? We're perhaps all a little bit shocked at how fast that tightening could actually take place and even impact on Canada. We would have to respond accordingly.
Again, it's one of those difficult choices you make as you look forward. I don't think anybody in these forecasts, whether you're looking at PBO or the average private...is planning a recession right now. But yes, we would get tightening in a hurry if that happened.
We're not planning it. We're assuming, as I said, that we'll have containment in terms of the Europe credit crisis and that the U.S. will restructure in a coordinated way.