Thank you very much.
I would like to go back to the inflation-targeting agreement.
Ms. Wilkins, you said that you had considered setting a range from 2% to 4% with a target of 3%. You said the disadvantages by far outweighed the possible benefits. It is still an increase of one percentage point though, which represents a 50% increase over the current rate.
Were other possibilities considered, such as a target of 2.25% or 2.5% rather than 3%?
Are there studies comparing the potential costs and benefits?
I'm just trying to see what the process was in studying that possibility. I would like to put that in the light also of the announcement that core inflation will not be used as a benchmark anymore. We're going to have to have different types of inflation with CPI. On the other side, in the last few years we have been a lot more worried about the possibility of getting into deflation than out-of-control inflation.
That said, I'd like to see what the thought process was at the bank on that issue.