With respect to the U.S. recovery, it is one reason that our outlook is stronger. With the U.S. combination of the rapid rollout of vaccines and a large fiscal stimulus package, the U.S. economy is growing strongly. That will certainly help our exports, and this is reflected in our outlook.
That's an important element of our projection. The main reason for the recovery in our projection is that we are expecting a strong consumption-led recovery. As we can get back to more normal activities, we think Canadian consumers are going to spend money and that will lead the recovery. The U.S. element is helpful, because it will broaden the recovery of consumption. We'll get more exports. That should lead to more investment.
This all means you get a more broad-based recovery, and a more broad-based recovery is more sustainable. This is something we'll certainly be evaluating, going forward, in assessing how much monetary policy stimulus we would need.