I see it as very important. As I said in my introductory remarks, whenever there is a global shock such as this, we of course feel the shock just like everybody else does. However, since we're a major commodity exporter, we feel a second shock because the prices go down too, and that's like an income cut for the entire economy.
One of the things I try to make clear is that, just on the basis of the drop in commodity prices alone, we would have cut interest rates by at least 100 basis points, such as what we did in 2015, because it's not unlike what we saw in late 2014 and early 2015. Possibly we would have ended up doing all 150 basis points, if that were the only shock we were facing. That is a very real shock to the economy, and it will work through in its usual way. Of course, it has regional implications. It's not all spread across the entire economy.
The secondary effects of it are.... Alberta and Saskatchewan have experienced the effects of lower oil prices. When everybody who's affected spends less money, that lower spending affects the rest of the entire economy. We've seen that over and over. This is one of the things that sets Canada apart from, say, the United States. They don't see it nearly to the same extent as we do.
It's crucial, so we do think the oil sector could recover a bit more slowly because of the buildup of inventories. That means prices have fallen and they might take longer to get back up to a more reasonable level, but it's a very hard forecast to make at this stage. There's a lot going on in that market. I would just like to see how it turns out for now.