Of course, I've thought of that. I think that one of the premises that lies behind that analysis is that the economy is operating at its capacity already. The difficulty that we've had for some ten years now is that the economy has been falling well short of its capacity. Therefore, inflation has been drifting lower below target. Monetary policy has been stimulative throughout that period. Fiscal policy has also, in the last few years, been making a contribution to the overall level of demand in the economy.
We would just say that this is an accounting phenomenon. That's one of the reasons that we got to where we are.