Certainly.
In terms of the tool box that you referred to, our tool box was laid out back in the midst of the crisis in 2008. Last fall we undertook a project to update it in light of experience since that time. Most of the experience that we referred to, happily, was not in Canada, but was in other countries where the problems have been more serious.
In the institutional context we have, we now believe that our markets would continue to function more or less normally at interest rates as low as -0.5%, whereas we used to think of 0%—or 0.25%, actually, to be specific—as the actual physical lower bound. That means we have on the order of 75 basis points more room to manoeuvre, as you suggest, for relatively short-term issues. It's true that the distortions that may emerge grow with the length of time that is there, and possibly the effectiveness of this policy would diminish for a longer time period.
It's in that context that we think of quantitative easing. We've had some very interesting uses of quantitative easing that have had a significant impact on performance in various economies.
We don't say concretely which of those tools we would appeal to if the situation arose. We just start with saying that fortunately our outlook is that none of that is necessary. Our outlook is quite a positive one. But if there were a significant negative shock to the economy, we know we have a tool kit available to help buffer the effects of those things, and what order we might use those things in, or in which combination would depend on the circumstances and what seemed best at the time.