In entering the last recession, the great recession in 2009, the Bank of Canada was operating at a monetary policy rate of I think 4.75%. I mean, they had a lot of room between 4.75% and, let's just call it the lower bound at that time, of 0%. They had a lot of monetary policy room to ease rates—to provide monetary policy easing into the economy.
However, that was then and this is now. Our policy rate now is 1.75%. It gives you a sense that if the recession were to happen tomorrow, which I'm not predicting it is, the Bank of Canada would only have so much space to provide monetary policy stimulus. When you think of what the tool kit is, then there would be more burden of stimulus falling on other parts of the tool kit: provincial governments, federal governments and macroprudential....