Peter, let me answer that in two parts.
First of all, I want to assure you that employment is an important element of our framework. You can't keep inflation sustainably at 2% if you have a large number of unemployed people, because the economy is missing income and that means there will be downward pressure on inflation.
At the same time, having inflation well anchored at 2%, the lesson from history is that it reduces these inflationary boom-bust cycles that we had, particularly in the 1970s, in which you get big buildups in inflation and then you have to have a big recession that puts a lot of people out of work.
It's these two things. Stable inflation stabilizes the labour market and you get less cyclical unemployment, and at the same time, full employment, a complete recovery, is critical to keeping inflation sustainably at 2%.
The labour market is an integral part, as you've no doubt seen, particularly given, as you highlighted, the very unequal impacts this pandemic is having on the labour market. We've been talking a lot about the labour market. We've been looking at a broad range of labour market indicators. Because there are some big divides, we are looking at labour markets at a more granular level.
You referenced what we heard from Canadians. It was very interesting what we heard with respect to our inflation target regime. Overall, our flexible inflation targeting regime was the preferred alternative of Canadians, but as you suggested, many Canadians did highlight that they want to make sure that employment and jobs are a central part of our framework.
Some Canadians suggested that a dual mandate might be a way to do that. I will say, though, there was quite a bit of diversity around that view. Some Canadians thought a dual mandate would be a good idea. Others were concerned that, unlike inflation, the Bank of Canada ultimately can control inflation but we don't have as direct control of labour markets, so it might not be a good idea to have a dual target.
The main message from Canadians was that this should be an important part of the considerations, and I think we all found that feedback very interesting.