As I said, the oil shock was unambiguously negative for Canada overall, so we assessed that in the absence of any policy response, Canadian output would have been about 1.4% lower by the end of 2016. The output gap, that is, the difference between actual economic activity and the potential full capacity level of economic activity, wouldn't have closed until sometime in 2017. We were basically taking out insurance to give us greater confidence that we would return to a full capacity economy by the end of 2016.
On March 12th, 2015. See this statement in context.