It's certainly a problem that is bigger than us. It's affecting all the major western advanced industrialized nations. In fact, many of them appear to be in a much worse position than Canada. Think about Japan, which has had 15 fiscal stimulus packages over the last few years. Europe is in much worse condition. North America is relatively well off. We have a younger, faster-growing population than these other areas. Canada, in particular, has another advantage. Our banking system wasn't destroyed in the last crisis. Guess what? That actually helped a whole lot.
We do have these advantages, but the point of the work coming out of BIS is that the stimulus you're going to get from monetary and fiscal policy is going to be limited. When you're operating in an environment of very low productivity growth, that puts a very low ceiling on which the economy can grow. You can pour more and more stimulus in and you very quickly hit this upper limit.
The BIS advocates that we adopt more policies that would raise that productivity ceiling over the longer term.