As you are aware, the important aspect here is that the first responsibility of monetary policy is the achievement of the inflation target, it's inflation.
With respect to issues around household debt, there are several lines of defence. They start with the individual and the institutions lending to those individuals. They then extend to so-called micro-prudential regulations, which are a type of regulation that OSFI would put in place. The amount of capital a bank has to hold against a given loan, OSFI has actually been raising those amounts, so that has helped.
Related to that, the second line of defence is supervision and underwriting standards. OSFI has been tightening those underwriting standards, so that has helped.
The third line of defence is macro-prudential regulations, the types of measures raised by Mr. Van Kesteren on CMHC and mortgage insurance. They have been tightened four times. That has helped.
The last line of defence is monetary policy. One doesn't want to lean with monetary policy, but one doesn't want monetary policy working at cross-purposes, easing when everything else is tightening, for example, when there is economy-wide vulnerability. Monetary policy can play a complementary role. It's the last line of defence. That's why we work closely with other authorities to ensure that all potential mechanisms and tools can be used to the greatest effect.