We are certainly monitoring that type of situation closely.
Given our mandate, it will come as no surprise that we are more concerned with the effects and the process of inflation. But we are also looking at the possibility of transition costs in a labour market where the nature of employment changes with use, or even with the effects on people's income.
As for inflation, we conducted several studies that have been published for a week. They are interesting because they show that the effect of e-commerce on inflation in Canada does not seem to be very visible at the moment, even though, anecdotally, we might be led to believe the opposite. The number of Canadians embracing e-commerce is lower than in other countries, such as Sweden or other European countries. However, that could change, and it is true that it represents another kind of competition for Canadian companies.
As for employment, we are not currently seeing the effects of the digital revolution on productivity. It is yet to come, but we can well imagine that the nature of employment will change greatly and we have to be ready for it, both for people coming into the workforce and for those who are already in it. Training and education are very important factors. However, that is not part of the Bank of Canada's mandate. We just do studies in an attempt to better understand it all.