Thank you. That is an important question.
Yes, the cash to book ratio has reached a record level. It is not just the amount that is important; it is also the ratio.
What can be done? We can use monetary policy. This is one of the reasons why that policy is so accommodating at present. The overnight rate is 1% and return on Government of Canada bonds is a little under 2%. Obviously, that money is not earning a company's capital costs. So after a certain time, they feel the need to invest.
What more can be done? The incentives for companies to invest can be changed, with measures like the accelerated depreciation deduction that the government put in place in the last budget. That is one approach.
What is essential is to offer certainty as soon as possible. There has to be certainty in the conduct of monetary policy, in budget policy, and in the regulations. As well, if it could be done, we would like to offer certainty globally, in Europe and elsewhere, but that is impossible.