Very quickly, I just addressed the question about what we should be doing about debt. I think you have to set interest rates for the entire economy. If you have concerns about debt, they're not going to be on corporate debt. The issue is going to be around consumer debt.
When we look at the growth of debt on the consumer front, we see that the vast majority has been debt related to real estate. The debt-to-income ratio in Canada is now higher than it is in the United States, at 147% in Canada and 146% in the United States. By my estimation, if the government had not tightened up the mortgage insurance rules, we would have a debt-to-income ratio of 160%. We would be at the peak that the United States hit.
In my opinion, if we see household debt accelerate, it would be appropriate to look once again at whether we need to tighten mortgage insurance rules to dampen the acquisition of debt. If we have consumers over-responding to the continued low interest rate environment, then I think that you would start to consider that.
However, I would not recommend doing such actions in the current environment, when there's so much uncertainty related to what's going on in Europe and the United States. That could pose a new external shock. But you might want to consider policies to act if the external risks don't play out.