Our extraordinary actions are very much anchored in our inflation target. They are anchored in doing and providing the monetary stimulus that is needed, providing the market funding in the face of a liquidity crisis to support the economy and close the output gap, get the economy back and keep inflation on target.
The difficulty with modern monetary theory is that is has all sorts of objectives, and while they may be worthwhile objectives, monetary policy is not the way to achieve them.
With respect to issues of debt forgiveness, I will highlight that we are incredibly privileged in this country. We are a very rich country. As difficult as this is, it's way more difficult for many emerging market countries. They have nowhere near the capacity to provide the type of stimulus that we are able to put in place to support Canadians. Their health systems cannot cope with this crisis.
These are really decisions for the government, and governments globally, but I think one of the issues going forward is going to be, how does the world support countries that don't have the resources to deal with this?
The IMF is certainly putting in place new programs, as is the World Bank, and we participate in those forums. It is a big issue.