I want to start by pointing out that our monetary policy is independent of the United States and that we are in a situation where the economic forces are more or less opposite. Two years ago, the two economies were in a similar situation, but the oil price shock lowered the growth rate in Canada while having a significantly positive impact on the U.S. economy. During that time, as adjustments are made to reflect the lower price of oil, Canada's economy is experiencing a second period of distress. So all the ingredients are there to create a divergence between the two countries for a few years, three or perhaps more.
Within the economic models, a divergence in monetary policy is also expected. It is true, then, that, potentially, if a normalization of interest rates were triggered in the U.S., it would affect our bond market. It's a global market, and Canada would feel an impact, but an analysis of the impact would be necessary at the time. It's tough to predict exactly what the consequences would be, and I'm certainly not going to comment on American monetary policy. It is true that such an event would affect us, but it's important to stress that our policy would remain independent.