Let me say two things.
First, regarding the CPI number that came out today, both the headline and the core CPI numbers are consistent with our expectations in the monetary policy report.
Second, to your question on the eurozone, we've long identified the situation in the eurozone as one of the principal downside risks. Some of that risk has been realized, by which I mean the obvious volatility and the moves in financial markets as a result of the situation there. The other aspect of that risk is accelerated fiscal austerity in Europe as a whole, in part to address it, so related to the strains in financial markets are the constraints on the European financial system and its ability to extend credit. Both of those aspects will lower European growth, which is a major part of the global economy. It will have important spillover effects on the global economy and ultimately on Canada.
There is, then, the direct impact of the policy choices that have already been taken. The issue remains, though, as I said in my opening comments, that this is a very delicate situation that has not yet been fully addressed. Moreover, additional significant measures involving pretty fundamental changes to economic governance and fiscal arrangements as well as efficient use of the money that's been put aside already through the EFSF and other facilities are going to be very important in determining the ultimate outcome in Europe and, through both financial and real channels, the impact on Canada.
We've realized some of this downside risk. That's one of the reasons we think there's a little less momentum going forward, and elements of that downside risk unquestionably still exist.