If I may jump in, I'll say that in the short run, I think there is going to be upward pressure on interest rates, because the economy is reviving and governments are still borrowing a great deal, so you have competition in credit markets that is likely to raise interest rates.
Over the longer term, many people who look at the situation that Mr. Tremblay was describing have looked at demographic explanations, in that we have had such a large proportion of the population in many countries, including here in Canada, in their peak saving years. To the extent that is responsible for the glut of saving and the fact that we saw low interest rates, that is now going into reverse.
There have been major forces that have caused interest rates to be low and there to be a large amount of saving looking for opportunities in the world. Some of those—both in the short term because of the revival of the economy and in the longer term because of demographics—are now reversing, and we will likely see higher real interest rates in the future.