Very quickly, in terms of the amount of stimulus provided, the overnight rate went down to 0.25%, functionally the floor for nominal interest rates. Then the Bank of Canada could have embarked on quantitative easing to inject more, but quite frankly I think we could have a debate about whether more stimulus would have actually had a materially greater impact on the economy.
I'm not convinced that the inflation target actually did restrict the reaction function of the Bank of Canada. I think they put a lot of emphasis on the flexibility side of the equation. In fact, it goes back to the issue around anchored inflation expectations, because they could afford to provide a lot of stimulus knowing that the market would still expect inflation to get back to 2%.