Once again, I do not want to question the merits of the Bank of Canada's decisions. It's almost the end of the year. The policy rate has been low for nine years. During the crash of 2008, the rate was lowered at the outset and it has remained low for a significant period. Earlier this year, there were two small increases in the policy rate.
Now, we recognize that, given the debt of Canadians, the competition in the digital technology sector and the economic slack, the policy rate will continue to be low in the short term. It seems to me that it will take quite some inflation or quite some economic growth—which I would like to see— for the rate to reach 3%. Once again, we rely on the data provided to Canadians by the Bank of Canada, but does your instinct for economics not make you think about the possibility of a 3% policy rate?