Thank you.
I do wish to note from your April 2017 “Economic and Fiscal Outlook”, if I can just quote it here, that the “PBO believes that the Government's outlook for the budgetary balance over 2017-18 to 2021-22 is overly prudent.” I welcome those comments from your side and that you've acknowledged on page 2 the investments that we're making in Canadians. In terms of running a moderate deficit, as I would call it, especially on a debt-to-GDP basis or a budgetary-balance basis, we're investing in things like the indexation of the Canada child benefit and higher transfers to governments to fund investments in infrastructure and health care. I know you've commented on higher interest rates, which have somewhat reversed themselves lately and so forth, so I do wish to acknowledge that.
I wanted to get your take on the importance of maintaining a fiscal anchor from a projection basis, this being the debt-to-GDP ratio, which the PBO has forecasted.